THE Ministry of Natural Resources has taken steps to address recent articles published in the Kaieteur News that contained misleading information concerning certain aspects of the Guyana 2022 Bid Round.

To provide clarity on the matter, the Ministry released several key points to correct any misconceptions:
The notice for tender regarding the 2022 Bid Round was issued in accordance with the recently repealed Petroleum Exploration and Production Act of 1986.
This notice was published in the Official Gazette on December 9, 2022. It invited interested parties to participate competitively in the bidding round, with access to a virtual data room for which a fee was required. Crucially, this notice also included the coordinates of the area where interested parties could submit their tenders.
The Petroleum Activities Act, known as Act 17 of 2023 (PAA 2023), officially came into effect on September 1, 2023. This legislation extended the 2022 Bid Round. Furthermore, updated guidelines for the bid round were issued through a notice dated September 11, 2023.

At the conclusion of the bid round, after the evaluation of bids, the most substantially responsive bidder(s) for a specific block will be invited to apply for the grant of a petroleum exploration licence. This process is in line with the established legal framework under the PAA 2023.

The Ministry of Natural Resources noted that it will ensure that these applications are gazetted in accordance with the provisions of the PAA 2023.
Further, the Ministry underscored its full compliance with all relevant laws of Guyana pertaining to the Bid Round, emphasising its commitment to transparency and adherence to legal regulations.

This clarification comes as Guyana continues to attract significant attention and investment interest in its oil and gas sector, with the country positioned as a key player in the energy industry.