Guyana on Dec. 9 formally opened a highly anticipated bidding round for 14 oil and gas blocks in its oil-rich offshore, hoping to award exploration contracts by the end of May.
The country is home to one of the largest oil discoveries in the last decade, with about 11 Bbbl of oil and gas found by a consortium led by Exxon Mobil. The government wants to diversify by recruiting new explorers and expanding the role of the state in the business.
Companies can bid through April 14 for the areas after paying a $20,000 fee per block bid to gain access to a virtual data room and participate in the bidding process.