The Government of Guyana has signed a petroleum agreement with the Ghanaian company Cybele Energy Limited for offshore Block S7, further strengthening international participation in the country’s oil and gas sector.
The deal represents the second award under Guyana’s inaugural competitive licensing round, which was launched in 2022.
Under the agreement, Guyana will benefit from modernised fiscal terms, including a 10 per cent royalty rate, a 10 per cent corporate tax rate, a reduced cost-recovery ceiling, and a 50/50 profit-oil split between the Government of Guyana and the contractor.
These provisions are in keeping with the updated model Production Sharing Agreement, which is designed to secure greater long-term value and transparency for the people of Guyana.
The signing with Cybele Energy follows the recent award of Block S4 to a consortium comprising TotalEnergies, QatarEnergy, and Petronas, which was concluded only weeks ago. Together, these agreements signal sustained global interest in Guyana’s offshore basin and its evolving investment framework.
Minister of Natural Resources, Vickram Bharrat, welcomed the agreement, describing it as another important step in the responsible and strategic development of Guyana’s offshore resources.
He noted that Cybele’s entry into the sector reflects growing international confidence in Guyana’s transparent, competitive approach to resource development.
The Minister further highlighted that the licensing round continues to broaden the diversity of operators in Guyana’s offshore exploration activities, deepening the country’s global partnerships in energy development.
