GEORGETOWN, Guyana, CMC – Natural Resources Minister, Vickram Bharrat, said Friday that the Ghana-based Cybele Energy Ltd will next week sign an agreement to explore for oil in a shallow water block named S7.
Bharrat said the agreement would be signed on Tuesday to allow Cybele to search for hydrocarbons in the estimated 2,000-square-kilometre concession. Cybele was founded in 2012 and is led by Beatrice Mensah-Tayui, the founder and Chief Executive Officer.
“Cybele has advanced the negotiation with us to a stage where we have finalised the agreement with them, and that is the company we’ll be signing with,” he told a news briefing called to announce plans for the 5th Guyana Energy Conference and Supply Chain Expo to be held from 17th to 20th February 2026.
Bharrat said there would be no changes in the fiscal terms, namely 10 per cent royalty, 10 per cent corporate tax, 65 per cent cost recovery, and 17.5 per cent profit oil each to the government and the venturers.
He said negotiations centered on a few administrative matters would be made public next week at the signing.
Next week’s signing would be the second such agreement signing for shallow-water exploration, the first having been held last month with TotalEnergies and its co-venturers, Petronas from Malaysia and Qatar Energy.
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