Ghanaian company, Cybele Energy Limited, today signed a Production Sharing Agreement (PSA) for offshore block S7.
The terms for this block saw Guyana receiving a signing bonus of US$17 million.
This marks the second award arising from Guyana’s inaugural competitive licensing round, launched in 2022.
The PSA features updated fiscal terms, including a 10% royalty rate, a 10% corporate tax rate, a reduced cost-recovery ceiling, and a 50/50 profit-oil split between the Government of Guyana and the contractor.
These updated terms are designed to secure greater long-term value and transparency for the people of Guyana.
Today’s signing follows the recent award of Block S4 to a consortium comprising TotalEnergies, QatarEnergy, and Petronas — an agreement concluded only weeks ago.
Minister of Natural Resources, Vickram Bharrat, welcomed the signing, noting that it represents another important step in advancing Guyana’s responsible and strategic development of its offshore basin.
He stated that Cybele’s entry into the petroleum sector reflects growing international confidence in Guyana’s investment framework and the government’s commitment to transparent and competitive resource development. The minister added that the licensing round continues to expand the diversity of operators participating in Guyana’s offshore exploration activities, strengthening the country’s global partnerships in energy development.
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