Ghanaian oil company Cybele Energy has signed a $17mn oil exploration agreement with the government of Guyana. The contract covers a block of less than 1,500 square kilometres located in shallow offshore waters, outside the areas claimed by Venezuela. According to preliminary estimates provided by Chief Executive Officer Beatrice Mensah-Tayui, the area could contain up to 400 million barrels of crude oil.
An estimate based on local geology
The executive specified that this figure is based solely on existing geological data and that physical exploration remains necessary to confirm the site’s actual potential. Cybele Energy has commissioned Norwegian company Elemental Energies, specialised in well engineering, to carry out part of the exploration work. At the same time, 3D seismic surveys are being conducted by a company contracted by the Guyanese government.
Accelerated timeline for seismic data
Guyanese Minister of Natural Resources Vickram Bharrat stated that data from the seismic studies will be made available to operators promptly to facilitate project progress. “These data are crucial, so we are going to work to ensure this process is carried out quickly,” he said.
A country in full oil expansion
Since production began in 2019, Guyana has become an emerging player in the global oil market, reaching output of 900,000 barrels per day. The government now targets a capacity of 1.7 million barrels per day by 2030. This growth has contributed to a 43.6% economic expansion in 2024, making the country one of the fastest growing in South America.
Energy ambition distinct from territorial dispute
Cybele Energy’s exploration is located outside the Essequibo region, currently at the centre of a long-standing dispute between Guyana and Venezuela. This dispute, ongoing for over a century, does not directly affect the project according to official statements. Recently re-elected President Irfaan Ali has expressed his intention to accelerate the development of national oil resources during his second term.
