LatAmOil: Guyana extends offshore bidding round by three months

Guyana’s Ministry of Natural Resources has pushed the deadline for bids in the country’s first competitive auction for offshore blocks back to July 15, giving potential investors three more months to submit bids.

The ministry had launched the auction, which covers 11 shallow-water and three deepwater blocks, on December 9, 2022. It had originally hoped to wrap up bidding on April 15 and sign deals by May 31, but it has yet to say how long the contract award process may take now.

The ministry explained its decision to extend the bidding period back by citing “industry feedback and the advanced pace of modernising the oil and gas regulatory framework.” It commented: “The round ... continues to receive strong global interest, and the government has benefitted from insightful feedback during the consultation periods of the indicative terms and guidelines and the draft model production-sharing agreements (PSAs).”