The recent oil auction has garnered commendation from the government, as hailed by General Secretary of the PPP, Dr. Bharrat Jagdeo. The bidding round, which concluded on September 12 after some delays, witnessed the participation of several leading oil companies.
Exxon, Hess Corporation, and China’s CNOOC (0883.HK) collaborated as a bidding group, while a separate consortium consisting of TotalEnergies, Qatar Energy, and Malaysia’s Petronas also entered the fray, as confirmed by the Ministry of Natural Resources.
Dr. Jagdeo expressed satisfaction with the outcomes of the block auction, stating, “We’re very pleased with the offers that we’ve had from the bid round which closed a few days ago. As you know we’ve received bids for 8 out of the 14 oil blocks and there were 14 offers in total from 6 bidders.”
During a press conference, the PPP leader emphasized that the bidding process was meticulously executed, with necessary mechanisms in place. He noted that some blocks received multiple competitive bids, while others did not receive any. Specifically, blocks D3, S1, S2, S6, S9, and S11 did not receive any bids.
Currently, Guyana stands as Latin America’s seventh-largest producer, with a daily production and exportation of approximately 380,000 barrels of crude and gas.
Josiah Williams for NCN News.