Ghanaian-owned Cybele Energy Ltd is expected to sign an agreement next week to explore for oil in a shallow-water block offshore Guyanahttp://Guyana – Wikipedia, officials said.
Guyana’s Minister of Natural Resources, Vickram Bharrat, confirmed that the contract with Cybele Energy will be concluded on Tuesday, December 9. The deal will give the company exploration rights in Block S7, a 2,000-sq-km concession in Guyana’s offshore basin.
“Cybele has advanced the negotiation with us to a stage where we have finalised the agreement with them, and that is the company we’ll be signing with,” Bharrat told reporters ahead of the 5th Guyana Energy Conference and Supply Chain Expo scheduled for February 17–20, 2026.
He said the fiscal terms remain unchanged: a 10 percent royalty, 10 percent corporate tax, a 65 percent cost-recovery ceiling and a 17.5 percent profit-oil share each for the government and the company. Bharrat added that only administrative steps were pending ahead of the signing ceremony.
According to local outlet Demerara Waves, the deal will be Guyana’s second shallow-water exploration agreement in recent months, following a contract signed in November with TotalEnergies and partners Petronas and QatarEnergy.
Cybele Energy, founded in 2012 and led by Ghanaian chief executive Beatrice Mensah-Tayui, has been expanding its international footprint. The agreement marks a significant milestone for Ghanaian participation in the global oil and gas sector.
