The Government has announced that it has extended the auction period for the 14 oil-blocks offshore Guyana.

The bidding round for the new oil blocks opened last December and was expected to close at the end of this month, but the Government has now indicated that it will allow bids to take place until mid-July.

“Industry feedback and the advanced pace of modernising the oil and gas regulatory framework underscore the extended bidding period for the nation’s first competitive offshore oil and gas licensing round,” the Government announced.

In a statement, the Government explained that it continues to receive strong global interest and has benefited from insightful feedback during the consultation periods of the Indicative Terms and Guidelines and the draft model production sharing agreements (PSAs).”

“Concurrently, the government recognises that the new era of oil and gas development, facilitated by this current and future round, 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.,” the Government said.

The Government says it remains committed to the successful execution of the Licensing Round and the strengthening of the nation’s fiscal and legal petroleum management frameworks.

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