Guyana's Strategic Offshore Ventures

TotalEnergies, Qatar Energy, and Petronas have reached agreements with Guyana for production sharing in five offshore oil and gas blocks. This is part of a 2022 tender initiative aimed at diversifying Guyana's energy industry. Exxon Mobil also engages in negotiations over offshore carbon capture opportunities.

In a strategic move to diversify its oil industry landscape, Guyana has inked significant production-sharing agreements with TotalEnergies, Qatar Energy, and Petronas. The agreements pertain to five offshore oil and gas blocks, according to an announcement by the energy ministry on Wednesday.

These developments are a result of a 2022 tender seeking exploration proposals for a total of eight offshore areas. The initiative represents an effort to broaden Guyana's energy sector, presently led by a consortium spearheaded by Exxon Mobil.

Exxon Mobil, which remains engaged in ongoing discussions regarding the offshore block S8, is reportedly keen on exploring carbon capture and storage opportunities within the block, the ministry noted in a release.

(With inputs from agencies.)