Three oil companies will begin exploration this year, ramping up activity offshore Guyana outside of the significant activity in the Stabroek block by ExxonMobil.
Additional licences will be granted by way of competitive bidding in the first quarter of 2020, with the Department of Energy looking to ensure the country gets the best deal.
On Monday, Director of the Department of Energy Dr Mark Bynoe, said he wanted the country to know that the petroleum sector is more than just ExxonMobil.
At a press conference, he announced that three other oil companies will start exploration as part of an accelerated programme this year.
Those who will begin exploration are Tullow in the Orinduik block, Repsol in the Kanuku block and CGX in the Corentyne block.
Dr Bynoe announced that new licenses for exploration will be given in the first quarter of 2020 and these will be through competitive bidding to ensure that the country gets the best deal.
Matthew Wilks, Oil and Gas Adviser in the Department of Energy, explained that contracts can be designed, for example, by ensuring that as the price for oil increases, the government can benefit from increased revenues.
The Department of Energy has not identified any potential interest at this time. What is for sure is that everyone who matters in the oil and gas industry has lined up.
Dr Bynoe said that early next year was set as the date for the award of new contracts because the Department wants to ensure that the legislative framework is in place.
Importantly, it is looking to engage a firm to carry out seismic work so as to boost the bargaining power at the time of bidding.
The Department of Energy has completed its best practices template which it said will be used in the new licensing round.
It has also developed a manual on Production Sharing Agreement so as to guide the development of any new contacts.
