Fossil Energy – Guyana
Guyana expects to soon sign an oil production-sharing agreement with a consortium led by France’s TotalEnergies that will allow it to explore an offshore area, Energy Minister Vickram Bharrat told Reuters.
Guyana is the world’s fastest-growing oil-producing country and is on course to reach capacity of 940,000 barrels per day this year – nearly 1% of global supply – up from an output of 616,000 bpd last year.
A consortium led by U.S. major Exxon Mobil produces all Guyana’s oil. The government, which has sought to diversify the sector, awarded TotalEnergies’s consortium the block in an auction in 2023.
As well as the agreement with TotalEnergies, at least three other contracts for exploration blocks awarded in that auction should be signed this year, Bharrat said in an interview with Reuters on the sidelines of an industry conference in the capital Georgetown on Wednesday.
Guyana is also exploring options to reoffer an offshore block where a consortium by Toronto-listed Frontera Energy and CGX Energy, made oil discoveries, Bharrat said.
