Guyana's Ministry of Natural Resources has announced the extension of the Guyana 2022 Licensing Round's bid submission deadline to July 15 2023, and issued he following statement:
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. The Round, officially launched on December 9th 2022, continues to receive strong global interest and the government has benefitted from insightful feedback during the consultation periods of the Indicative Terms and Guidelines and the draft model production sharing agreements (PSAs).
Concurrently, the government recognises that the new era of oil and gas development, facilitated by this 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.
The administration also recently concluded agreements with PGS Exploration (UK) and CGG Data Services to reprocess additional 2D seismic data relevant to the blocks to 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.
The Government of Guyana remains committed to the successful execution of the Guyana 2022 Licensing Round and the strengthening of the nation's fiscal and legal petroleum management frameworks.
The Guyana 2022 Licensing Round was originally announced Deember 9 2022, with a closing date of April 14 2023. See: Guyana launches First Licensing Round for offshore oil and gas exploration and production
Source: Guyana Ministry of Natural Resources
