Sabrina Valle, Reuters

GEORGETOWN
EnergiesNet.com 02 20 2024

Guyana plans to disclose winners of the country’s first competitive auction of offshore oil blocks by the end of March, an official with the country’s Ministry of Natural Resources said on Monday.

The government continues to review proposals and analyze documents provided by six of eight groups that placed bids in an oil auction last September, Senior Petroleum Coordinator Bobby Gossai Jr. told Reuters at the country’s annual energy conference.

His remarks came at an energy conference designed to highlight the nation’s rise as the world’s fastest-growing oil producer. Officials used the first day of the conference to lay out plans to use oil and gas wealth to transform and broaden its economy.

Auction bidders included a consortium composed of Exxon Mobil (XOM.N), Hess Corp (HES.N) and China’s CNOOC (0883.HK), and another with TotalEnergies, Qatar Energy [RIC:RIC:QATPE.UL] and Malaysia’s Petronas [RIC:RIC:PETRA.UL].

A short-list of the bidders on eight of 14 blocks offered was previously disclosed, but the ministry had asked for additional documents and information before contract awards.

Offshore oil discoveries from the Exxon-led consortium found more than 11 billion barrels of oil, and it is now pumping about 645,000 barrels of oil per day.

Plans are progressing for new onshore infrastructure including a gas-to-power plant that will cut the nation’s electric-power costs by 50% and encourage new agriculture, refining and petrochemical development, President Irfaan Ali told attendees.

Reporting by Sabrina Valle; Editing by Gary McWilliams and Aurora Ellis

reuters.com 02 20 2024