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Govt. awaiting more details from Ratio on Kaieteur Block work programme – Bharrat
(Kaieteur News) – The Government of Guyana is now awaiting additional information from Ratio Guyana Limited (RGL), the operator of the Kaieteur Block, after the company submitted indicative plans for its work programme following a government request.
On 12th June, Ratio Petroleum, RGL’s Israel-based parent company received a letter from Guyana’s Ministry of Natural Resources stating that it is required, within seven days, to address the work programme and timetable relating to the next two years of the second extension period for the oil block, including the execution of an additional well in the Block area.
Minister of Natural Resources Vickram Bharrat
When contacted on Friday, Minister of Natural Resources Vickram Bharrat told Kaieteur News that discussions with the company are ongoing. “We are currently engaging the Operator on the status of its work programme. They have provided some indicative plans for which we sought additional clarity and so we are now awaiting more information,” the minister said.
After receiving the letter, Ratio had stated that it intends to approach Minister Bharrat to request an additional extension for providing its response while continuing negotiations regarding the update of the work programme and drilling schedule.
Ratio Guyana serves as operator of the Block and has been at crossroads in relation to the 3.3-million-acre offshore block.
In December 2025, the ministry had asked Ratio and its partner Cataleya Energy Limited (CEL) to indicate whether they intend to make an additional investment or abandon the acreage. Prior to the aforementioned disclosure, Ratio Guyana had notified the government of the portion of the block it is prepared to relinquish while continuing its search to bring in a new partner.
Map showing location of Kaieteur Block offshore Guyana
For some time now, Ratio has been conducting discussions with the Ministry of Natural Resources, in order to postpone the deadline for notifying whether it intends to carry out an additional drilling operation in the Block, and to update the work programme and drilling schedule, including extending the term of the agreement with the state.
Kaieteur News had reported that after ExxonMobil Guyana Limited (EMGL), the former operator, and its partner Hess withdrew from the Kaieteur Block, Ratio submitted a request for an extension of the exploration period, citing similar grounds previously used by EMGL – the Coronavirus pandemic.
Under the Kaieteur Petroleum Agreement, when applying to enter the second extension period, RGL and Cataleya Energy were required to commit to drilling a well before relinquishing 20 per cent of the block, or, if preferred, the entire contracted area. Ratio had been seeking to bring in another partner or several, with the intention of one becoming operator and leading future drilling.
Since Exxon’s and Hess exit from the block, Ratio has been looking for a new partner. The company had disclosed that it contacted numerous energy companies, and while several expressed initial interest and reviewed data, all ultimately declined because of geological risks and challenges related to achieving a commercial discovery. Ratio also previously stated that if no partner is found who can serve as an operator and conduct drilling in the block, and if no further extension is granted for the decision deadline, it will find it difficult to make a decision to proceed and commit to drilling.
The agreement for the Kaieteur Block was signed in 2017, under the condition that the oil companies were only allowed to conduct oil exploration in 40 per cent of the block, to steer clear of aggressive tactics from Venezuela. A 3D seismic survey acquired for the southern portion of the block covered 5,750 square kilometer (km2) and provided the foundation for a significant prospect inventory on the block.
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