Cybele Energy, a Ghanaian offshore explorer, was awarded an oil block by the Guyana government this morning. The company estimates the new Block S7 to hold 400 million barrels of recoverable oil.
Cybele is the second awardee of a license from Guyana’s first offshore oil blocks auction that ended in 2023, after a group led by TotalEnergies got Block S4 in November. The signing includes a US$17 million signing bonus, according to Minister of Natural Resources Vickram Bharrat, during a ceremony at the Pegasus Suites and Corporate Centre.
According to a fact sheet shared with media at the signing ceremony at the Pegasus Hotel in Kingston, Cybele plans to drill its first exploration well within 12 months of signing the agreement. The duration of the exploration license is five years, split into two phases.
Beatrice Mensah-Tayui, Cybele’s Chief Executive Officer, promised to promote local content, including the empowerment of women, stating “Our local content will be intentional.”
The signing is part of government’s plan to diversify the oil sector beyond the near dominance of ExxonMobil, Chevron and CNOOC, which control all oil production in Guyana, as a group.
