With production soaring toward 1.2 million barrels per day from a series of major discoveries and new projects under development, Guyana has now opened bidding for 14 additional offshore exploration blocks, with six companies and groups competing.
Bidding for the 14 blocks has been postponed three times to give potential bidders additional time to evaluate existing data and finalize a new Production Sharing Agreement (PSA).
The government is expected to begin negotiations with the bidders next month. This will follow an evaluation process.
According to Stabroek News, the number of bidders fell short of the government’s expectations at six.
Exxon, Hess and China’s CNOOC are reportedly among the bidders, according to media reports citing Guyana’s National Procurement and Tender Administration Board. France’s TotalEnergies reportedly bid in partnership with Qatari and Malaysian companies.
More than 30 wells have been drilled offshore Guyana by Exxon to date.
Exxon’s first major oil discovery in Guyana was in 2015 in the Stabroek Block, which now produces approximately 400,000 barrels of oil per day, with much more under development. The consortium for the block is led by Exxon, with Hess holding a 30 percent interest and CNOOC holding a 25 percent interest.