GUYANA – Local company wins bid to explore for oil offshore Guyana

GEORGETOWN, Guyana, CMC -A Guyanese company is among several major international oil companies that have won bids to explore oil offshore Guyana.

On Wednesday, Vice President Bharrat Jagdeo said that SISPRO Inc. is among several major international oil companies that have won bids to explore oil offshore Guyana.

“This is a precarious sector, and I’m extremely pleased that the locals have been able to organize themselves to work with some foreign companies and put in the bids,” he told a news conference. He praised them for seizing the opportunity by “actually doing something” rather than “sitting on the sidelines” like several critics.

Jagdeo disclosed that SISPRO Inc. had won exploration bids for one concession each in the shallow and deep water. This means they must fork up a US$10 million signature bonus for the external water block and US$20 million for the other in the deep water.

Dr. Melissa Varswyk chairs SISPRO INC (Guyana). Other team members are Secretary and Executive Director Abbigale Loncke-Watson, Executive Director Ayodele Dalgety-Dean, and Executive Director Dee George.

According to Dalgety-Dean, “(We) had every confidence that we would get the blocks” and work in the best interest of all Guyanese. “After all, we’re an indigenous company. We’re aiming to build generational wealth for all Guyanese, and this is super-important to us as we’re sure it is for the Guyanese government.”

Dalgety-Dean said her company was prepared with its signature bonuses, project financing, and work plan from seismic work to development and production.

Jagdeo also announced that the ExxonMobil-led consortium and the France-headquartered TotalEnergies are among those that have won bids in the South American nation’s inaugural competitive bid round.

In addition, shallow water blocks have been awarded to a consortium of TotalEnergies, Qatar Energy, and Petronas; the Nigeria-based International Group Investment Inc.; American-owned Liberty Petroleum Corporation; ExxonMobil, Hess, and CNOOC.

Deepwater blocks are awarded to Delcorp, a Guyanese-registered company of two Saudi Arabian companies, Watad Energies and Communications Ltd Arabian Drilling Company and SISPRO Inc.

Jagdeo said the government was willing to consider “minor changes” to the Production Sharing Agreement (PSA) but again ruled out changes to the fiscal terms and aspects related to transparency and accountability.

He said the government would not sign a PSA with ExxonMobil if their demands were “extreme.”