President Ali encourages Chinese companies to participate in Guyana’s oil-block auction
PRESIDENT, Dr Irfaan Ali, in highlighting the tremendous opportunities in energy co-operation between China and Guyana,
urged more Chinese companies to partake in Guyana’s auction of 14 oil blocks.
The Head of State implored Chinese companies to place their bids while on his first official visit to China, where he was interviewed by CGTN’s Dong Xue.

As it is now, China is Guyana’s largest trading partner and trade relations have deepened during President Ali’s time in office.
The Head of State related that, over the years, China’s contribution to development in Guyana has been seen in various areas such as the oil and gas sector.

“We have CNOOC (China National Offshore Oil Corporation) as part of the consortium in the Stabroek Block; that is with Exxon, Hess and the government. Now, we have 11 billion barrels proven reserves.

“We have just gone out to auction for 14 more blocks and we are hoping that not only CNOOC but more Chinese companies would participate in this auction,” President Ali said.

The Ministry of Natural Resources, on behalf of the Government of Guyana, recently announced the extension of the Guyana 2022 Licensing Round’s bid submission deadline to Tuesday, September 12, 2023.

“The government’s continuous efforts to streamline and improve the petroleum regulatory framework and the resultant comprehensive feedback received from our stakeholders have led to this necessary extension,” the Natural Resources Ministry said in a press statement.

Whilst recognising the new era of oil and gas development and investors’ confidence in the local economy, the government is working to ensure that this competitive licensing bids and future rounds are governed by a modern regulatory framework with improved technical and institutional capacities.

Against this backdrop, the government will soon supplement the model Production-Sharing Agreements (PSAs) with a new Petroleum Activities Bill 2023, which will not only enhance the management of the sector, but also provide improved economic measures for all licencees in the bidding round, as well as future development and production operations in Guyana’s petroleum sector.

The round, officially launched on December 9, 2022, continues to receive strong global interest. The government has benefitted from insightful feedback during the consultation periods of the Indicative Terms and Guidelines, the draft model PSAs, and the draft Petroleum Activities Bill.

The Ministry of Natural Resources, and, by extension, the Government of Guyana, remains committed to the successful execution of the Guyana 2022 Licensing Round and the strengthening of the nation’s fiscal and legal petroleum management frameworks.