Guyana's Energy Expansion: TotalEnergies, QatarEnergy, and Petronas Set Out on Exploration

TotalEnergies, QatarEnergy, and Petronas have signed a 5-year deal with Guyana to explore a shallow-water block. The agreement follows a 2023 tender where eight offshore blocks were offered for development. The group will pay a $15 million entrance bonus, emphasizing swift exploration in the basin.

The oil giants TotalEnergies, QatarEnergy, and Petronas have entered into a significant 5-year partnership with the government of Guyana to explore a shallow-water block, according to statements from authorities and company executives on Tuesday.

This agreement is a result of a 2023 tender that saw eight offshore blocks put forward for exploration and development to both local and international energy companies. During the signing ceremony, Guyana's energy minister Vickram Bharrat revealed that a $15 million entrance bonus was part of the deal.

"We want to go fast," remarked Daniel Larrañaga, TotalEnergies' Vice President of Exploration for the Americas, highlighting a keen interest in accelerating exploration activities in the promising basin.

(With inputs from agencies.)