Govt to Sign PSA with Ghana-based Cybele Energy Limited on Tuesday

The Government of Guyana is set to formalise its partnership with Ghana-based Cybele Energy Limited with the signing of a Production Sharing Agreement (PSA) on Tuesday at 09:00h.
This is according to Minister of Natural Resources Vickram Bharrat, who made the announcement on Friday while delivering remarks at the launch of the 2026 Guyana Energy Conference and Supply Chain Expo in Georgetown.
“Let me officially say that we have set Tuesday at 9AM to sign another production agreement with one of the other companies that would have been awarded a shallow block during the last bid round,” Bharrat noted.
“Cybele has really advanced the negotiation with us to the state where we would have finalised the agreement with them, and that is the company that we will be signing with. They will be bringing a partner from one of the major operators in Nigeria as their operator rather. So it is again two major companies coming and joining with the others that we have in Guyana today. So the Guyana basin in our country has been attracting some of the major companies in the world, which we are very happy with.”
This signing will mark the signing of the third PSA following the signing of Guyana’s first PSA in 2016 for the Stabroek Block with Exxon Mobil and co-ventures Hess and CNOOC. This new signing comes weeks after the Government signed a PSA in mid-November for shallow-water Block S4 offshore Guyana with a consortium comprising QatarEnergy (35 per cent), TotalEnergies (40 per cent, operator), and PETRONAS (25 per cent).
Cybele will be signing for Block S7, a shallow-water block offshore of the coast of Guyana. The block is approximately 2000 square kilometres.
Cybele Energy Limited was awarded the block after being among the companies to emerge victorious during Guyana’s 2022 Licensing Round, which attracted interest from multiple international oil giants.
Cybele was among the six companies bidding on eight of the 14 offshore blocks that were up for grabs when the Government held a bidding round which was launched in December 2022 and closed off in September 2023.

Developing offshore oil resources
In October 2023, the Government had announced the award of eight deep- and shallow-water blocks. In total, there were 14 offers made on those blocks: two deep-sea blocks and six shallow-area blocks.
Among those awarded oil blocks during the bid round was a Guyanese female-led company, Sispro Inc, which received a shallow block (S3) and a deep-water block (D2).
The agreement marks a significant milestone in the country’s effort to further develop its offshore oil resources and diversify the range of international players in its energy sector. Cybele Energy is an emerging player in the oil and gas sector in Guyana. Cybele Energy is a relatively new and smaller oil and gas exploration company. It’s involved in the development of oil resources.
Minister Bharrat explained that the PSA being signed with Cybele will be similar to the PSA signed with Total and company, given that a general template with fixed fiscal terms will be used for the PSA for all companies awarded shallow blocks.
“It’s basically the same PSA that’s online that we signed with Total. It’s the same PSA that we will sign with Cybele next week. The fiscal aspects, as we mentioned, will not change: the 10 per cent tax, 10 per cent royalty, 50-50 profit sharing, 65 per cent cost recovery that would not change in any agreement as we’ve made public,” Minister Bharrat explained.

Standardising agreements
Minister Bharrat clarified that the delay in finalising the PSAs with several companies, including Cybele, was due to efforts to standardise the agreement for shallow-water blocks. This will ensure a unified regulatory framework for all parties involved, streamlining the process for both investors and Government agencies.

“There’s just a few administrative issues that would’ve been negotiated by the team, and when we do the launch on Tuesday, one of the technical officers will make a presentation so you will have more insight and information as to what are a few of the specifics, but it is the same PSA that is online right now,” Bharrat said.
It was in 2023 that the Government released the draft model petroleum agreements for shallow and deep water blocks that were placed on auction. The new terms improved on provisions in the widely chastised 2016 PSA that was signed for the Stabroek Block. This included a royalty rate increased from two per cent to 10 per cent, a corporate tax of 10 per cent and a cap on cost oil of 65 per cent.
The agreements also include better provisions for the signing bonus, relinquishment terms, activities related to the abandonment of the block, and an increase in the training fee.

Significant oil & gas industry
The entry of Cybele Energy into Guyana’s oil sector highlights the country’s appeal to international oil companies from diverse regions. The Ghanaian company joins a growing list of global players, including ExxonMobil, Hess, Chevron, TotalEnergies, and others, who are capitalising on Guyana’s vast offshore resources.
Minister Bharrat emphasised the significance of the growing number of operators in Guyana, underscoring that the Government aims to foster strong, mutually beneficial relationships with all investors.
“The Guyana Basin is attracting major companies from all over the world, and this only reinforces the importance of our partnership with investors and operators,” Bharrat said.

“It is a relationship based on trust and respect. The other companies coming on board – we’re happy to have them, and we’re going to work on building the same kind of relationship based on trust, respect and mutual benefits for Guyana. That is our only intention; that’s how we treat all investors.”
Guyana’s oil and gas sector has quickly become one of the world’s most significant, with projections indicating the country could become the largest oil producer per capita globally.
Since ExxonMobil’s historic discovery in 2015, the country’s reserves have grown rapidly, with more than 11 billion barrels of oil discovered to date. The production sharing agreements being signed now, including the one with Cybele Energy, will pave the way for further exploration and development.
With a growing number of companies now operating in Guyana, the country is positioning itself as a regional and global energy hub.