Ghanaian-owned Cybele Energy has officially secured exploration and production rights to Block S7, a shallow-water offshore oil block in Guyana, follo
Ghanaian-owned Cybele Energy has officially secured exploration and production rights to Block S7, a shallow-water offshore oil block in Guyana, following the signing of a landmark Production Sharing Agreement (PSA) with the Government of Guyana.
The deal marks the first time an African-owned company has been granted offshore petroleum acreage in the South American nation.
The agreement, signed in Georgetown, covers approximately 2,000 square kilometres within Guyana’s rapidly growing offshore petroleum basin, one of the world’s most prospective oil provinces.
As part of the PSA, Cybele Energy paid a US$17 million signing bonus to the Guyanese government. The fiscal terms of the agreement align with Guyana’s updated petroleum framework, including a 10 per cent royalty, 10 per cent corporate tax, and a 65 per cent cost-recovery ceiling, designed to balance investor returns with national benefit.
Cybele Energy’s preliminary assessments suggest that Block S7 could contain up to 400 million barrels of recoverable oil, subject to seismic surveys, exploratory drilling, and appraisal programs.
Beyond financial obligations, the company has committed to complying fully with Guyana’s local content requirements, which include investments in training Guyanese nationals, healthcare support, infrastructure development, and community programmes.
Speaking at a press conference in Accra following the signing, Cybele Energy CEO, Beatrice Mensah-Tayui described the agreement as a historic milestone for both the company and Africa’s growing role in the global upstream energy sector.
“This agreement is a defining moment for Cybele Energy and African participation in the international oil and gas industry,” Mensah-Tayui said.
“We are proud to partner with the Government of Guyana and are committed to responsibly advancing exploration while generating value for all stakeholders.”
She also reflected on her journey as a woman leading in a male-dominated sector, highlighting resilience, expertise, and discipline as essential to success.
“Being a woman in upstream oil and gas is challenging. Confidence, competence, and discipline are non-negotiable,” she stated, emphasizing the importance of performance over gender-based expectations.
Mensah-Tayui encouraged Ghanaian businesses to explore opportunities in Guyana while fostering strong local partnerships. “True development is collaborative. Businesses must engage with local communities, share knowledge, and respect Guyana’s local content laws,” she said.
The signing of the PSA represents not only a breakthrough for Cybele Energy but also a broader signal of Africa’s increasing footprint in the global oil and gas sector.
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