Guyana's Energy Expansion: New Partnerships and Offshore Prospects

Energy firms TotalEnergies, Qatar Energy, Petronas, Cybele Energy, Delcorp, and International Group Investment have finalized deals with Guyana to explore offshore oil and gas blocks. The agreements aim to diversify Guyana's energy sector, traditionally dominated by Exxon Mobil. New carbon capture opportunities are also being considered.

Guyana's energy landscape is poised for diversification as international energy giants, including TotalEnergies, Qatar Energy, Petronas, Cybele Energy, Delcorp, and International Group Investment, have secured agreements to explore five offshore oil and gas blocks. This development follows a 2022 tender, part of Guyana's strategic efforts to expand beyond the Exxon Mobil-led consortium that currently dominates the industry.

Significantly, the Exxon group, in ongoing discussions for offshore area S8, has expressed interest in evaluating carbon capture and storage initiatives. While details of a production sharing agreement are under review, the government has not provided further specifics.

Earlier this year, Guyana's cabinet approved bids from Qatar Energy, TotalEnergies, and Petronas for the shallow water block S4. Concurrently, negotiations with Exxon, alongside Hess Corp and CNOOC, continue. Local firm Sispro awaits responses for its block offers, and VHE Consulting has secured a contract to audit Exxon's expenses related to Guyana's profit oil share.

(With inputs from agencies.)