In a significant development for Guyana’s burgeoning energy sector, Natural Resources Minister Vickram Bharrat announced Friday that Ghana-based Cybele Energy Ltd will formally sign an oil exploration agreement for Block S7 next Tuesday. The agreement grants exploration rights to Cybele Energy in a substantial 2,000 square kilometer shallow water concession.
The ministerial confirmation came during a press briefing primarily organized to announce preparations for Guyana’s 5th Energy Conference and Supply Chain Expo, scheduled for February 17-20, 2026. Minister Bharrat revealed that negotiations with Cybele Energy had reached advanced stages, with the company successfully finalizing all agreement terms with the Guyanese government.
Notably, the fiscal framework remains consistent with Guyana’s established petroleum terms: 10% royalty payments, 10% corporate tax rate, 65% cost recovery provisions, and an equal 17.5% profit oil distribution between the government and venture partners. The minister indicated that while the core fiscal structure remains unchanged, certain administrative matters were subject to final negotiations, with full details to be disclosed during next week’s signing ceremony.
This agreement marks Guyana’s second shallow water block signing within recent months, following last month’s agreement with a consortium comprising TotalEnergies, Malaysia’s Petronas, and Qatar Energy. Cybele Energy, established in 2012 under the leadership of founder and CEO Beatrice Mensah-Tayui, now enters Guyana’s competitive energy landscape as an emerging international player.