Latest update December 30th, 2024 2:15 AM
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Govt. delays oil blocks auction to September
Kaieteur News – The Ministry of Natural Resources announced yesterday that the Guyana 2022 Licensing Round’s bid submission deadline has been pushed back to September 12, 2023.
The government said in a statement that continuous efforts to streamline and improve the petroleum regulatory framework and the resultant comprehensive feedback received from stakeholders led to this necessary extension.
Whilst recognising the new era of oil and gas development and investors’ confidence in economy, the government said it is working to ensure that this competitive licensing bid and future rounds are governed by a modern regulatory framework with improved technical and institutional capacities. Against this backdrop, the government said it will soon complement the model Production Sharing Agreements (PSAs) with a new Petroleum Activities Bill 2023, which will not only enhance the management of the sector but also provide improved economic measures for all licensees in the bidding round, as well as future development and production operations in Guyana’s petroleum sector.
Map showing the blocks part of the licensing round
The bid round, officially launched on December 9, 2022, continues to receive strong global interest. The government said it has benefited from insightful feedback during the consultation periods of the Indicative Terms and Guidelines, the draft model production sharing agreements and the draft Petroleum Activities Bill.
The Ministry of Natural Resources, and by extension the Government of Guyana, said it remains committed to the successful execution of the Guyana 2022 Licensing Round and the strengthening of the nation’s fiscal and legal petroleum management frameworks.
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