The Government has announced that six bidders are being awarded new oil blocks offshore Guyana and a 100% Guyanese owned company led by women, is among the winners of the recent oil block auction.

During a press conference at his party’s headquarters this afternoon, Second Vice President Bharrat Jagdeo announced that of the awarded oil blocks, the Sispro company has been awarded a deep water block as well as a shallow water block.

The Directors of the Sispro company are Dr. Melissa Varswyk, Abbigale Loncke- Watson, Ayodele Dalgety-Dean and Dee George.

A consortium comprising Total Energies EP Guyana BV, Qatar Energy International E&P LLC; Petronas E&P Overseas Ventures SDN BHD of Malaysia was awarded one block.

One of the blocks was also awarded to the ExxonMobil, Hess and CNOOC consortium that is currently operating in the Stabroek Block, while a Nigerian company, International Group Investment Inc. was awarded two blocks.

Meanwhile Liberty Petroleum Corporation and Ghana-based Cybele Energy Limited were awarded one block and Delcorp Inc Guyana and Watad Energy and Arabian Drillers of Saudi Arabia, were awarded the other remaining block.

Mr. Jagdeo said the government will now meet with the companies that have been awarded the blocks to work out the modalities.

“Now that the award has been made, we now have to meet with the interested parties or the parties to which the blocks have been awarded to have a negotiation on the contracting to move towards the completion of the award,” the Vice President said.

With the new oil blocks awarded, Mr. Jagdeo said that the fiscal terms of the model PSA are not going to change.

He said however, that government is open during the negotiations to make minor changes in the PSA, but nothing to do with the fiscal terms will be touched.

He explained that although the blocks have been awarded, the process has not been finalized, noting that ExxonMobil has already made certain pronouncements about the new PSA.

“If their demands are extreme then we will simply not proceed with the signing in that regard,” Jagdeo declared.

Vice President Jagdeo said the companies that have been allotted the oil blocks have confirmed that they have their signing bonus and are all ready to proceed to the next level.

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