{"id":30818,"date":"2026-07-11T19:40:54","date_gmt":"2026-07-11T23:40:54","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=30818"},"modified":"2026-07-11T19:40:54","modified_gmt":"2026-07-11T23:40:54","slug":"new-oil-agreements-deliver-greater-benefits","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/new-oil-agreements-deliver-greater-benefits\/","title":{"rendered":"New oil agreements deliver greater benefits"},"content":{"rendered":"<div id=\"fb-root\"><\/div>\n\n<p class=\"wp-block-paragraph\">-as Guyana expands exploration &#8211; Min. Bharrat<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Minister of Natural Resources Vickram Bharrat says Guyana&#8217;s new oil agreements\u00a0are designed to deliver greater benefits to the country compared with previous contracts.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking on the Starting Point podcast, Minister Bharrat says new production sharing agreements\u00a0now include a 10 per cent royalty, 10 per cent tax and reduced cost recovery provisions. He said two agreements were signed last year, including one with a consortium comprising\u00a0Total Energies, Qatar Energy and Petronas, and another with Ghana-based Cybele Energy.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Minister confirmed that Cybele  Energy is yet to pay its US$70 million signing bonus,\u00a0citing issues involving the company&#8217;s investors.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;They would have indicated to us that they&#8217;re having a few issues with their investor, but\u00a0they&#8217;ve also indicated recently that they are signing a new agreement, which I believe\u00a0maybe as we speak, that agreement is being signed with another investor, and that they\u00a0will be in a position to pay the signing bonus,&#8221; he explained. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Minister Bharrat said the government has given the company additional time to resolve the\u00a0matter but warned that the agreement could be suspended or cancelled if it fails to comply.\u00a0He noted that Cybele has already established a local office, employed Guyanese staff and\u00a0paid more than US$2 million in licensing and other fees.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Minister said the Total Energies-led consortium has moved forward with its exploration programme\u00a0and is currently conducting seismic surveys in Guyana&#8217;s waters. He explained that seismic data will help determine potential drilling locations by identifying\u00a0possible hydrocarbon deposits beneath the seabed.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>&#8220;So these are specialised vessels basically that pick up data from the seabed or below\u00a0the seabed, I may say so, to determine whether there are hydrocarbons or signs of hydrocarbons.\u00a0From that now the company can analyse and make an informed decision as to where they\u00a0should drill the wells,&#8221; <\/strong>he said. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Natural Resources Minister says the government is pleased with the progress of exploration\u00a0activities and expects continued expansion of Guyana&#8217;s oil and gas sector.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>-as Guyana expands exploration &#8211; Min. Bharrat Minister of Natural Resources Vickram Bharrat says Guyana&#8217;s new oil agreements\u00a0are designed to deliver greater benefits to the country compared with previous contracts.\u00a0&hellip;<\/p>\n","protected":false},"author":1,"featured_media":30819,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[361,350,428],"tags":[488,370,429,412,405,431],"class_list":["post-30818","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-and-economy","category-news","category-oil-gas","tag-488","tag-guyana","tag-ministry-of-natural-resources","tag-ncn-guyana","tag-ncn-news","tag-oil-and-gas"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/30818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/comments?post=30818"}],"version-history":[{"count":1,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/30818\/revisions"}],"predecessor-version":[{"id":30820,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/posts\/30818\/revisions\/30820"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media\/30819"}],"wp:attachment":[{"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/media?parent=30818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/categories?post=30818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ncnguyana.com\/2023\/wp-json\/wp\/v2\/tags?post=30818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}