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The Government of Guyana has announced the extension of the Guyana 2022 Licensing Round’s bid submission deadline to July 15, 2023, which was officially launched on December 9, 2022.
Industry feedback and the advanced pace of modernising the oil and gas regulatory framework underscore the extended bidding period for the nation’s first competitive offshore oil and gas licensing round.
Government, in a statement, said the Round continues to receive strong global interest and the government has benefited from insightful feedback during the consultation periods of the Indicative Terms and Guidelines and the draft model production sharing agreements (PSAs).
Government said it recognises that the new era of oil and gas development, facilitated by the current and future rounds, must be governed by a modern regulatory framework and has been thoroughly moving the finalisation of the model PSA, as promised in this government’s manifesto, and the overhaul and strengthening of the 1986 Petroleum (Exploration and Production) Act.
Government said it recently concluded agreements with PGS Exploration (UK) Limited and CGG Data Services to reprocess additional 2D seismic data relevant to the blocks for tender. Existing and prospective participants of the licensing round will benefit from the availability of further seismic data which can be licensed to better inform the bids submitted.
