Oil Blocks Auction: TotalEnergies group, three other companies accept contracts

A consortium comprising TotalEnergies, Qatar Energy International and Petronas Overseas is among four companies that accepted the proposed contracts for new oil blocks offshore Guyana.

The consortium was awarded Block S4 in Guyana’s first- ever oil auction.

A release from the Ministry of Natural Resources noted that the consortium accepted the Production Sharing Agreement (PSA) and in the final stages of review with the Guyanese Government.

The International Group Investment Inc. has also accepted the PSAs for the two blocks it was awarded, that is, Blocks S5 and S10. The process, the release noted, is still ongoing.

Cybele Energy Limited, which was awarded Block S7, and Delcopr Inc., which was awarded Block D1, also both accepted their PSAs and are engaging in the final stages of review.

Meanwhile, the Guyanese women-led company Sispro Inc. is still to respond to the PSA put forward by the government for blocks D2 and S3.

The consortium led by ExxonMobil that includes Hess and CNOOC, which is already producing oil offshore Guyana, is still reviewing the PSA for Block S8. It was, however, noted that this consortium is also interested in assessing carbon capture and storage opportunities within the block.

‘S’ refers to blocks in shallow water while ‘D’ refers to blocks in deep water; there were 11 shallow water and three deep water blocks up for grabs but bids were submitted for eight of the 14 blocks.