Offshore blocks may be subject to open bid process early next year -Dr. Bynoe

Feb 14, 2019 News

Head of the Energy Department, Dr. Mark Bynoe is of the view that Guyana may be ready for a next licensing round of its offshore blocks, come the first quarter of 2020. He said that the licensing round is likely to be subjected to an open bid process.
The official said that the licensing round would be for Block C which is known as “an ultra-deep” area.
Dr. Bynoe noted that he would not want to go forward with the licensing round with Guyana’s old laws. He insisted that the principal Act being the Petroleum Exploration and Production Act, needs to be reviewed, with the necessary amendments passed by the National Assembly this year. He said that he has every intention to lobby for this.
Furthermore, Dr. Bynoe revealed that his Department is slated to complete a gap analysis of existing legislation. He said that this gap analysis and the reviewed principle Act will set a strong foundation of transparency and accountability for the licensing round that would follow. He said, too, that it will allow for the Department to draft any replacement or supplementary law that it might need for the sector.
In the meantime, the Energy Department Head said that he is working towards conducting a multi-client seismic survey for data packages to encourage greater interest in the continental shelf zone. He said that this survey will be subjected to a tendering process. (KIANA WILBURG)

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Offshore blocks may be subject to open bid process early next year -Dr. Bynoe

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Offshore blocks may be subject to open bid process early next year -Dr. Bynoe

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