Ghanaian company to sign oil exploration agreement with Guyana

Last Updated on Saturday, 6 December 2025, 2:11 by Writer

The Ghana-based Cybele Energy Ltd will next week sign an agreement to explore for oil in a shallow water block named S7, Minister of Natural Resources Vickram Bharrat said on Friday.

He said the agreement would be inked next Tuesday to allow Cybele to search for hydrocarbons in the estimated 2,000 square kilometre concession. “Cybele has very advanced the negotiation with us to a stage where we have finalised the agreement with them and that is the company we’ll be signing with,” he told a news briefing called to announce plans for the 5th Guyana Energy Conference and Supply Chain Expo to be held from 17th to 20th February 2026.

Mr Bharrat said there would be no changes in the fiscal terms—10 percent royalty, 10 percent corporate tax, 65 percent cost recovery and 17.5 percent profit oil each to government and the venturers—but negotiations centered on a few administrative matters would be made public next week at the signing.

Next week’s signing would be the second such signing of agreements for shallow water exploration, the first having been held last month with TotalEnergies and its co-venturers Petronas from Malaysia and Qatar Energy.

Cybele was founded in 2012 and is led by founder and Chief Executive Officer Beatrice Mensah-Tayui.