BREAKING barriers in the oil and gas sector is women-led Guyanese company Sispro, which has secured two oil blocks, Minister of Natural Resources Vickram Bharrat has disclosed.

Sispro is among four companies expected to sign their first Production Sharing Agreements (PSAs) with the Guyana Government next month.

During an interview on the ‘Starting Point Podcast- the Oil and Gas Edition,’ the minister spoke about this historic milestone and said: “I’m very proud that it’s a Guyanese company, especially our women folks, getting involved in the oil and gas sector.

“It shows that we’re expanding the way we think and taking risks and want to be involved in the oil and gas sector is commendable.”

The PSAs have been updated, the minister said, to ensure that there are better benefits for Guyanese and improvements for shallow water and deep-water development offshore Guyana. He stressed that negotiations had to be conducted with the companies that submitted bids.

He explained that the government wanted a unified PSA.

“We wanted a PSA that will be signed by all companies,” Minister Bharrat said, noting that the government wanted to create an agreement that was “world class.”

Already, the government has made contact with the companies that secured the oil blocks and looks forward to signing the agreement in October.

“We have already made contact with those companies. They know themselves by now, so we’re looking to sign that agreement in October with those four companies,” the minister said.

Further, he noted that the government may very well have to look at the PSA for near-shore or onshore development if the possibility presents itself in the future.

The minister emphasised that Sispro’s involvement reflects the government’s commitment to expanding opportunities for women and young people in the sector.

Back in 2023, the government closed its first offshore licensing round with six companies bidding on eight of the 14 blocks offshore. Of those, six companies were awarded oil blocks. One of the companies, Sispro Inc., secured two blocks.

There is a minimum of US$10 million for the exploration licence for shallow-water blocks, while in the deep-water blocks, there is a minimum of US$20 million for the exploration licence.

Sispro Inc. was awarded oil blocks S3 and D2; TotalEnergies EP Guyana B.V. in consortium with Qatar Energy International E&P LLC and Petronas E&P Overseas SDN BHD was awarded S4. Additionally, S5 was awarded to International Group Investment Inc.

Liberty Petroleum Corporation and Cybele Energy Limited got the S7 block, while ExxonMobil Guyana Limited, Hess New Ventures Exploration Limited and CNOOC Petroleum Guyana Limited were awarded S8.

The S10 block was awarded to International Group Investment Inc. and Delcorp Incorporated, while Watad Energy and Communications Ltd and Arabian Drilling Company won D1.