Ghanaian oil producer Cybele Energy has secured a major foothold in one of the world’s fastest-growing oil frontiers after signing a Production Sharing Agreement (PSA) with the Government of Guyana for shallow-water Block S7.
The agreement marks a landmark moment for both countries and deepens global participation in Guyana’s prolific offshore oil and gas basin. The Ministry of Natural Resources of Guyana confirmed the signing, describing it as another significant milestone emerging from the country’s first competitive licensing round, launched in 2022.
The Ministry stated, “This marks the second award arising from Guyana’s inaugural competitive licensing round,” revealing that the deal reflects the country’s strengthened fiscal regime aimed at delivering greater long-term national value.
The newly signed PSA introduces terms notably more robust than Guyana’s earlier generations of contracts, including a 10% royalty rate, 10% corporate tax, and a reduced cost-recovery ceiling. The government will also share profit oil on a 50/50 basis with Cybele Energy.
“These terms align with the updated model Production Sharing Agreement, designed to secure greater long-term value and transparency for the people of Guyana.”
Ministry of Natural Resources of Guyana
The S7 contract follows closely behind the award of Block S4 to an international consortium led by TotalEnergies alongside QatarEnergy and Petronas, signaling a fast-accelerating licensing phase for Guyana as it consolidates its position as the world’s newest oil superpower.
Guyana Welcomes Ghanaian Operator
Minister of Natural Resources, Hon. Vickram Bharrat, described the signing as a “critical advancement” in Guyana’s strategic approach to offshore development, emphasizing the government’s commitment to responsible exploration and competitive investment.
“Cybele’s entry into the petroleum sector reflects growing international confidence in Guyana’s investment framework and the government’s commitment to transparent and competitive resource development.”
Hon. Vickram Bharrat, Minister of Natural Resources
He added that the diversity of companies now operating in Guyana’s offshore acreage demonstrates the country’s success in fostering global partnerships and attracting operators with different strengths, capacities, and geographical backgrounds.
With ExxonMobil, Hess, and CNOOC already leading developments in the prolific Stabroek Block, and fresh entrants joining through the 2022 licensing round, Guyana’s basin is today considered one of the hottest upstream destinations globally.
Cybele Energy Celebrates Milestone for Ghana and Women in Energy
For Cybele Energy and its CEO, Beatrice Mensah Tayui, the agreement has both symbolic and strategic importance. Tayui hailed the deal as a breakthrough for Ghana’s energy sector and an inspiration for women-led enterprises in the global oil and gas industry.
She described the PSA as “a milestone not only for Guyana’s upstream sector but also for women-led energy enterprises globally,” stressing that Guyana’s leadership had made “a historic and bold statement” by awarding an offshore block to a woman-owned African firm.
The achievement positions Ghana as a player in Guyana’s high-profile energy landscape and underscores the growing ambition of West African upstream companies seeking international expansion.
The back-to-back signing of blocks S4 and S7 demonstrates strong international appetite for Guyana’s evolving regulatory environment. Recent reforms, including enhanced fiscal terms, expanded transparency provisions, and competitive bidding processes have made the country a model for frontier petroleum jurisdictions.
The agreements also reflect Guyana’s strategy of diversifying its operator base beyond supermajors by inviting new, mid-sized, and emerging companies into the exploration fold.
Industry observers note that Ghanaian firms in particular stand to benefit from Guyana’s booming oil economy, which has transformed the South American nation into the world’s fastest-growing economy in recent years.
As Guyana unlocks more of its multi-billion-barrel offshore potential, Ghanaian companies now find a rare opening to invest, partner, and operate in one of the most competitive energy markets globally.
While Guyana accelerates towards becoming an oil production giant, Ghana’s Cybele Energy has carved out a place in this historic expansion, showcasing African competence, leadership, and technical readiness.
The PSA provides Cybele with access to a highly prospective block in a frontier that continues to rewrite global energy projections. For Ghana, the breakthrough signals growing international recognition of its companies’ capabilities beyond domestic borders.
READ ALSO: GSE Indices Fight Back as Composite and Financial Stocks Hit Fresh Highs for December
