Block S7 covers approximately 2,000 square kilometers in shallow waters about 50 kilometers from ExxonMobil’s Liza Phase 1 and 2 fields, with preliminary seismic data indicating potential recoverable reserves of roughly 400 million barrels of oil. The Petroleum Agreement outlines commitments to thorough seismic surveys and appraisal drilling, with exploration activities expected to start within 12 months pending regulatory clearance. Cybele Energy is collaborating with Norway’s Well Expertise and has onboarded Segun Jebutu, an experienced geophysicist with a history of work on Guyana’s basin.
The deal represents a key diversification within Guyana’s upstream sector, which has recently attracted major international players such as TotalEnergies, QatarEnergy, and Petronas through recent block awards. It also underlines Guyana’s strategic focus on modernizing its fiscal framework and enhancing transparency, as stated by Minister of Natural Resources Vickram Bharrat. Cybele’s entry enhances the participation of new global actors in Guyana’s rapidly growing oil industry and strengthens ties between Africa and the Caribbean, emphasizing cross-continental economic cooperation.
CEO Beatrice Mensah-Tayui, the first African woman to lead an operator in the Guyana basin, highlighted the historic nature of the agreement as a breakthrough for women in energy and a symbol of Ghana-Guyana synergy. The PSA also imposes stringent local content obligations, requiring investments in training, capacity building, and community development aligned with Guyana’s long-term socioeconomic goals.
Guyana’s oil production reached 900,000 barrels per day recently, supported by over 11 billion barrels of recoverable reserves, ranking it among the world’s fastest-growing oil economies. The Cybele deal further solidifies the country’s status as a key non-OPEC producer in LATAM expected to expand output significantly through 2030.
This article was curated and published as part of our South American energy market coverage.
