Vice President Dr. Bharrat Jagdeo has announced that a second auction for offshore oil blocks in Guyana could take place in 2026. However, the government aims to complete seismic surveys offshore before proceeding with the auction.
Jagdeo indicated that there is interest from several companies in conducting these seismic surveys, and the government may allow multiple firms to participate. “Now if we can complete the seismic surveys, we expect that you will have some really serious bids for the new auction,” he stated.
These seismic surveys are crucial for identifying potential hydrocarbon reservoirs, providing authorities with a clearer understanding of existing oil reserves offshore. Currently, Guyana’s proven oil reserves are estimated at 11 billion barrels.
Guyana held its first oil block auction in 2022, which resulted in six firms being awarded eight different blocks in 2023. A total of 14 blocks (11 shallow and three deepwater) were available. Ongoing negotiations are expected to continue until after the country’s elections scheduled for September 1, 2025.
The government has already finalized a new model petroleum agreement and updated legislation for the petroleum sector, which are prerequisites for awarding blocks in both the first and upcoming auctions.
Vice President Jagdeo Responds to Azruddin Mohamed’s Claims of Persecution
