Cybele Energy has emerged as the newest player in Guyana’s offshore energy sector following the signing of a Production Sharing Agreement (PSA) with the Government. The Ghanaian-based company secured the deal with a US$17 million signing bonus, according to reports from The Ministry of Natural Resources.
Block S7, which was awarded during Guyana’s inaugural competitive auction in 2023, lies within a strategic oil fairway extending toward Suriname. Approximately 20 percent of the block overlaps with the Repsol Catapa-1 3D seismic survey. Under the agreement, Cybele is expected to drill its first firm exploration well within 12 months.
The agreement was signed by Beatrice Mensah Tayui, Founder and CEO of Cybele Energy. This signing marks a historic milestone: it is the first time a woman-led African company has secured a petroleum block outside that continent. Tayui described the event as “the beginning and dawn of a new era” for both the industry and women in energy.
Tayui pledged that Cybele would uphold the government’s trust and ensure the responsible development of Block S7. The block holds an estimated 400 million barrels of recoverable oil equivalent and is located just 50 km from ExxonMobil’s prolific Liza Phase 1 and 2 fields.
“Block S7 provides a lot of opportunities, and the vision for S7 is quite robust,” Tayui stated. She further committed the firm to world-class operating standards, environmental stewardship, and strong corporate social responsibility (CSR) programmes.
Minister of Natural Resources, Vickram Bharrat, noted that the arrival of Cybele Energy means Guyana now hosts operators from every continent, a clear indication of the country’s growing global influence. He emphasized that the continued signing of PSAs signals expanding opportunities for the local private sector, creating both direct and indirect employment for Guyanese.
This agreement follows recent activity in the sector, where a consortium comprising TotalEnergies, QatarEnergy, and PETRONAS signed the first PSA under the new fiscal regime for Block S4.
