Guyana, the South American country, is offering 14 offshore oil exploration blocks in auction, to accelerate its economic development, Reuters reported.
Guyana’s next auction has enticed at least ten firms, including Shell, Petrobras, and Chevron, to examine the decade’s hottest oil region, according to those familiar with the situation.
“We see this as big, transformative for our people. We are in a mad rush to get this done before net-zero comes,” Guyana Vice President Bharrat Jagdeo said at the CERAWeek energy conference in Houston to drum up support for the country’s first competitive bidding round.
While in Houston, he plans to meet with representatives of the US government as well as foreign and domestic oil companies.
Businesses interested in the April round have paid for seismic data to evaluate the blocks and decide whether to submit offers.
According to the persons familiar with the situation, none of the corporations have made a decision regarding their bids as they wait for the government to announce contract terms.
Up to 25 billion barrels of oil and gas are thought to be present off the coast of Guyana. The Stabroek block, which covers 6.6 million acres (26,800 sq km) and is operated by a group that comprises Exxon Mobil, Hess, and CNOOC, has produced more than 30 finds so far.
