LatinNews Daily - 12 December 2022

*Guyana’s President Irfaan Ali has announced the first bidding round for 14 oil and gas exploration and production blocks in the shallow and deepwater areas of Guyana’s offshore area. The government said that submission of bids will close by 14 April 2023 and that it hopes to award new contracts by the end of May 2023. Guyana’s offshore is estimated to have potential resources in excess of 25bn barrels of oil equivalent (boe) and an estimated reserve in excess of 11bn boe. The government press release notes that it is seeking “improved fiscal terms that provide a greater balance of the share of revenue between the government and contractor while maintaining Guyana’s competitive edge in the region and globally”. It adds that there is a minimum signature bonus requirement of US$10m for shallow water and US$20m for deepwater blocks for tender. There is also a participation fee of US$20,000 payable in respect of a block for tender in order to gain access to the virtual data room and participate in the bidding process.

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