The Ministry of Natural Resources said it is gearing to launch its first bidding round for offshore blocks. It said Cabinet is finalising the new fiscal terms and conditions which will allow for the country to gain maximum economic benefits.
The 2022 bidding round, which is expected to be officially launched soon, and will be open for several months, is expected to give interested companies sufficient time to prepare their competitive packages and bid to win the available acreages offshore; which will be done in an open and transparent manner.
Government said it will also seek to ensure the country gets a fairer share of revenues from oil and gas resources through improved fiscal arrangements to benefit the people of Guyana.
Further, government said it will safeguard the safety of people and the environment by following international best practices in offshore oil and gas development.
Additionally, government said it will be embarking on an intensive promoting campaign with all necessary technical data and requirements.
Further, it said this process will be done in keeping with international best practices for transparency and accountability for competitive oil and gas bidding processes.
