Guyana is set to sign four production sharing agreements (PSAs) in October following its first offshore oil licensing round launched in December 2022, with one of the awards going to a company founded by Guyanese women.
Natural Resources Minister, Vickram Bharrat said the government has completed negotiations for several of the contracts. “We’re looking to sign that agreement in October with those four companies… They know themselves by now,” he said during an episode of the Starting Point podcast that aired Sunday.
Among the signatories will be Sispro, a women-led company. The company successfully bid for two blocks and both awards were announced in October 2023.
Bharrat said negotiations for the shallow water block have been finalized. “Today, we’re very proud to say that we’ll be awarding a block or be signing a PSA with an all-women Guyanese group of investors. And so that should be a very proud moment for all Guyanese,” he added.
The licensing round was launched by the government to broaden participation in Guyana’s offshore petroleum sector, where ExxonMobil and its partners currently dominate operations in the Stabroek Block. Eight blocks in total were identified for awards, but the process has stretched over several years since the close of bidding.
The October signings will represent the first completed PSAs from the auction.
