Guyana plans new PSC for new 2023 bid round

GEORGETOWN, February 15, 2023 – Guyana is planning to launch a new oil production sharing contract in time for a new oil and gas bid round in Q2 2023, Vice-president Bharrat Jagdeo announced on Tuesday.

The vice-president confirmed that a new PSC would be available by late March or early Q2 2023.

The country is currently promoting its first offshore hydrocarbons bid round launched in December 2022, which put 14 blocks on offer with potential resources of more than 25 billion barrels.

The country has been in talks with Brazil, Qatar, India, the UAE and the UK to develop its considerable resources.

“We want multiple numbers of investment groups coming in here because then you can start the exploration activities simultaneously,” said Jagdeo.

The vice-president spoke on the first day of Guyana’s International Energy Conference and Expo.

A joint venture led by ExxonMobil has continued to make large discoveries on the Stabroek block in the country, including a significant discovery at the Fangtooth prospect in January 2023.

The consortium – which includes Hess Corporation and China National Offshore Oil Corporation – intends to up its production capacity to 1.2 million boepd by the end of 2027 by adding four new FPSOs to the project.

The company currently produces 380,000 boepd from the Liza Destiny and Liza Unity FPSOs.

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