Ghanaian energy company Cybele Energy Limited has officially entered South America’s oil and gas sector after securing an offshore exploration licence in the Cooperative Republic of Guyana.
At a signing ceremony held in Georgetown earlier this year, the company’s Founder and Chief Executive Officer, Mrs Beatrice Jones-Mensah Tayui, signed a Petroleum Sharing Agreement (PSA) and a Petroleum Exploration Licence (PEL) with the Government of Guyana. The agreement grants Cybele Energy the rights to explore Shallow-Water Block S7 under Guyana’s first competitive licensing round.
The deal, which includes a US$17 million signing bonus, marks a historic milestone, positioning Cybele Energy as the first African-led operator and first woman-led energy company to secure an offshore oil block in Guyana’s highly prospective basin.
Under Guyana’s revised fiscal framework, the contract provides for a 10 per cent royalty, 10 per cent corporate tax, and an equal 50:50 profit-oil split after cost recovery. The terms reflect Guyana’s evolving petroleum regime and its broader strategy to attract credible international investors.
Block S7 lies about 50 kilometres from ExxonMobil’s Liza Phase 1 and 2 fields and is estimated, based on current seismic data, to hold approximately 400 million barrels of recoverable oil equivalent.
Cybele Energy plans to conduct new 3D seismic surveys and expects to drill its first exploration well within 12 months of the agreement taking effect.
Speaking at a press engagement in Accra on Tuesday, December 16, Mrs Mensah-Tayui expressed appreciation to all partners involved and welcomed the opportunity to strengthen cooperation between Ghana and Guyana, describing the project as the start of a new strategic partnership between the two countries.
Dr Emmanuel Kojo Jones Mensah, Chief Executive Officer of Empire Domus Group Ltd, who witnessed the agreement, described the project as a bridge between emerging energy frontiers. He praised the Guyanese government for creating an enabling environment that allows Ghanaian companies to compete globally.
He further commended the Governments of Guyana and Ghana, Cybele Energy, and all stakeholders for their leadership and foresight in advancing cross-continental energy cooperation.
Source: joynews
