By: Antonio Dey | HGP Nightly News |
Guyana has added a historic new partner to its petroleum sector, signing a Production Sharing Agreement (PSA) on Tuesday with Cybele Energy—the first African and woman-led consortium to secure exploration rights in the Stabroek Block.
The agreement covering Block S7 is expected to deliver immediate financial benefits, including a US$17 million signing bonus to be deposited directly into the Natural Resource Fund (NRF).
Minister of Natural Resources, Vickram Bharrat, said the deal represents another step toward strengthening Guyana’s revenue base from its expanding oil and gas portfolio.
“This signing will yield a signing bonus of 17 million US dollars to our country. The bonus and monies will be paid directly into the Natural Resources Fund,”
— Minister Vickram Bharrat
The Minister also confirmed that negotiations continue with other awardees from the 2022 licensing round, including Sispro Inc., another women-led consortium, along with International Group Investment Inc., Montego Energy, and the ExxonMobil–Hess–CNOOC partnership.
Cybele Energy Commits to Women’s Advancement
Speaking at the ceremony, Beatrice Mensah-Tayui, CEO of Cybele Energy and a prominent Ghanaian energy executive, said the signing marks the beginning of a long-term partnership aimed at both industry development and women’s empowerment.
“Cybele’s role as a woman-led organisation will be intentional in the development of the girl child and in raising the voices of the women in this country.”
She emphasized that Cybele Energy will work to ensure Guyanese women gain meaningful opportunities within engineering, petroleum, and other traditionally male-dominated fields.
“We will be intentional in making sure that the engineering and oil industry is not only talked about by women, but that they participate.”
PSA Terms Mirror New Model Agreement
Government officials confirmed that the Cybele agreement mirrors the PSA signed in November with Total Energies, Qatar Energy, and PETRONAS for shallow-water Block S4.
Key terms include:
- 10% royalty on all petroleum produced and sold
- 50/50 profit sharing between the contractor and the State after cost recovery
- 65% cost recovery ceiling
- Strict oversight to ensure transparency and compliance
Cybele Energy is the first of six bidders awarded blocks in the 2022 licensing round to execute its PSA formally.
Meanwhile, Block S4—assigned to Total Energies (40%), Qatar Energy (30%), and PETRONAS (30%)—covers approximately 1,788 square kilometres, located 50 to 100 kilometres offshore in shallow waters.
