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Investing.com -- Guyana is set to sign an oil production-sharing contract with a consortium headed by France’s TotalEnergies (EPA:TTEF), according to the country Energy Minister, Vickram Bharrat’s interview to Reuters. This move is part of Guyana’s efforts to diversify its oil sector, which is currently dominated by a consortium led by U.S. major Exxon Mobil (NYSE:XOM).
In 2023, the government awarded the block to the TotalEnergies-led consortium during an auction. This year, Bharrat anticipates that at least three other contracts for exploration blocks, also awarded during the same auction, will be signed.
In addition to these agreements, Guyana is considering options to reoffer an offshore block where a consortium consisting of Toronto-listed Frontera Energy (OTC:FECCF) and CGX Energy made oil discoveries.
Speaking about CGX, Bharrat mentioned that the government had been lenient and supportive, as it is with any company investing in Guyana. However, he emphasized that there are limits to this leniency, and there was no legal ground for him to extend the license for the consortium.
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