Cybele Energy Embarks on Bold Guyana Oil Exploration

Cybele Energy has signed a production sharing agreement with Guyana to explore and produce oil and gas at an offshore block. This agreement, which follows a recent similar deal with TotalEnergies, involves a $17-million signing bonus and targets up to 400 million barrels of oil.

Ghana's leading oil company, Cybele Energy, has inked a significant production sharing agreement with the Guyanese government. This deal enables the firm to explore and potentially produce oil and gas in an offshore block in Guyana, marking a pivotal step for the company.

The agreement comes with a $17-million signing bonus and allows Cybele to begin the exploration phase at Block S7 within a year. Government officials noted that this is the second such agreement greenlit recently, following an auction won by TotalEnergies-led consortium last month.

Cybele Energy aims to drill its initial well at Block S7, where estimates suggest up to 400 million barrels of recoverable oil might be uncovered. This development underlines the increasing interest in Guyana's burgeoning oil sector.

(With inputs from agencies.)