Guyana Extends Offshore Oil Block Bids Deadline to Attract New Explorers

Credit: Nando/AdobeStock
Credit: Nando/AdobeStock

Guyana extended to Sept. 12 a deadline for companies to submit bids for its first competitive auction of oil blocks, the government said in a statement on Wednesday.

The South American nation has delayed the offer of 14 offshore blocks four times before. The round is intended to recruit new explorers and lessen the grip over the country's output by a group led by Exxon Mobil.

The delay comes as the government is finishing up terms of a model Production and Sharing Agreement (PSA) and core legislation for the country's oil industry, which will govern future contracts.

Guyana has in recent weeks received feedback during a consultation period for the new proposed oil framework.

(Reuters - Reporting by Kiana Wilburg; writing by Sabrina Valle; editing by Jonathan Oatis)

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