Guyana’s Government has accepted PSAs with multiple energy companies for the exploration of five offshore oil and gas blocks, reported Reuters, citing the energy ministry.

Cybele Energy, Delcorp, International Group Investment, Petronas, Qatar Energy and TotalEnergies are the companies that have reached agreements.

These agreements are pivotal for the exploration of new offshore areas in both shallow and deep waters.

This development follows a 2022 tender that attracted bids for eight blocks, as part of efforts to diversify the country’s energy sector, which is currently dominated by an ExxonMobil-led consortium.

The Exxon group is also in discussions with the government regarding the exploration of offshore area S8, with a keen interest in carbon capture and storage within the block. The PSA for this block is currently under review.