Women-led Cybele Energy calls Guyana oil deal “new era” for women in global energy

…Guyana secures US$17M signing bonus with 3rd PSA

Guyana on Tuesday secured a signing bonus of US$17 million as the Government concluded its third Production Sharing Agreement (PSA) with the Ghana-based, women-led oil and gas company Cybele Energy Limited for the award of shallow-water Block S7. The agreement was signed during a ceremony at the Pegasus Suites and Corporate Centre. Cybele Guyana Limited will operate the almost 1500-square-kilometre (km²) offshore block in partnership with Elemental Energies, which will provide technical and operational support for the exploration activities.

Delivering remarks at the ceremony, Natural Resources Minister Vickram Bharrat noted that Guyana’s signing of yet another PSA demonstrates the global confidence that exists in Guyana’s governance and investment climate. “Guyana today is truly a global state. It shows that our work and what we’ve done over the last few years has truly been recognised around the world, so much so that we’re getting interest globally,” Bharrat said. “The future definitely looks bright for Guyana and, of course, our partners, our valued partners who have trusted our leadership, trusted our governance that we put in place to manage the sector and decided that they’re going to invest in it.” The Minister emphasised that Guyana continues to attract investment in the oil and gas industry notwithstanding the capital-intensive nature of the oil sector and current difficulties across the globe in sourcing financing for the oil and gas industry in light of climate change developments.
Bharrat emphasised that the Government remains committed to high industry standards, strong local content and close collaboration with investors.
“Signing another agreement with another company simply speaks to opportunities for the local private sector opportunities for direct and indirect employment by Guyanese. We encourage every single investor that comes to Guyana to find a local partner,” he said.

Historic moment for women in the global energy industry
Cybele Energy’s Founder and Chief Executive Officer (CEO), Beatrice Mensah Tayui, hailed the partnership as a historic moment not only for the company but also for women in the global energy industry.
“This marks not just the signing of this agreement but the beginning of the dawn of a new era. Guyana has taken a step in the advancement of women… Thank you for believing in an organisation led by women, an organisation that’s new. I want to guarantee that we will do right by you. We will uplift the trust that you have in us.”
Tayui described the partnership as a symbol of unity between Ghana and Guyana, adding that Cybele intends to be “intentional in the development of the girl child” and in promoting women’s participation in engineering and oil and gas.
She also praised the Ministry of Natural Resources for a rigorous but seamless process in finalising the agreement. Elemental Energies, she noted, brings global expertise that will complement Cybele’s operations in Guyana.
Cybele was among the successful bidders emerging from Guyana’s 2022 Licensing Round, which drew interest from numerous international oil and gas players. Out of 14 blocks offered, including shallow and deep-water blocks, eight were awarded in October 2023. Cybele was one of six companies that bid on eight out of the 14 blocks. This latest PSA follows closely on the heels of a mid-November signing for shallow-water Block S4 with a consortium consisting of QatarEnergy (35 per cent), TotalEnergies (40 per cent, operator), and PETRONAS (25 per cent). Guyana’s first PSA was the 2016 PSA that was signed for the Stabroek Block with ExxonMobil and partners Hess and CNOOC. The PSA with Cybele mirrors the new model agreement released by the Government in 2023, which applies to all shallow-water blocks awarded in the 2022 round. Key fiscal terms included in the PSA include a 10 per cent royalty, up from two per cent in the 2016 agreement, a 10 per cent corporate tax, a 50/50 profit-oil split, and a 65 per cent cap on cost-oil recovery.
These provisions represent significant improvements over the widely criticised 2016 Stabroek Block PSA, strengthening national revenue safeguards and ensuring stricter relinquishment, decommissioning, and training fee requirements.

Promising for Guyana’s shallow-water development
Also making remarks at the ceremony was Senior Petroleum Coordinator Bobby Gossai, who described Block S7 as a promising asset for Guyana’s shallow-water development strategy. “S7 is going to be a very lucrative block. It will be one that will show where Guyana’s shallow water development is going to be,” Gossai said.
Gossai explained that all of the companies signing new PSAs with Guyana will need to meet strict timelines and investment requirements under the PSA, adding that the Government expects meaningful progress within the next two to three years.
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.