The Ministry of Natural Resources has extended the Guyana 2022 licensing round bid submission deadline to July 15, 2023.

The administration recently concluded agreements with PGS Exploration (UK) and CGG Data Services to reprocess additional 2D #seismic #data relevant to the blocks.

The official press release from the Ministry of Natural Resources states “Concurrently, the government recognises that the new era of oil and gas development, facilitated by this current and future rounds, must be governed by a modern regulatory framework and has been thoroughly moving the finalisation of the model PSA, as promised in this government’s manifesto, and the overhaul and strengthening of the 1986 Petroleum (Exploration and Production) Act”.

To date, two new model PSCs were issued by the Government of Guyana but there have been no published proposed updates to the 1986 Petroleum (Exploration and Production) Act.

Legal entities have until 30th June 2023 to express their interest and pay the participation fee for the bidding round.

See below for the Schedule of the 2022-2023 Guyana Licensing Round released by the Ministry of Natural Resources.

LI&P continues to monitor updates from the Guyana 2022 offshore blocks licensing round.