Cybele Energy became the first African-owned company to secure an offshore oil block in Guyana as part of its plan to expand African participation in global upstream oil and gas opportunities.
The Ghanaian-owned firm signed a Petroleum Agreement and received an exploration licence for the Shallow Water Block S7, marking a direct entry of Ghanaian private capital into South America’s oil and gas sector.
The move came as the government of Guyana continued to attract foreign investment following rapid growth in oil production and rising global interest in its offshore basin.
The Petroleum Agreement was signed on December 9, 2025, at the Pegasus Hotel in Georgetown, Guyana.
It covered Block S7, an offshore shallow-water block of about 2,000 square kilometres within Guyana’s expanding petroleum basin.
The agreement reflected broader efforts to strengthen commercial links between Africa, South America and the Caribbean through private-sector-led investment.
Under the production sharing agreement with the Government of Guyana, Cybele Energy received exploration and production rights to Block S7.
Preliminary assessments suggested the block could hold up to 400 million barrels of recoverable oil, subject to further seismic studies and drilling activities.
Cybele Energy paid a US$17 million signing bonus to the Government of Guyana, in line with the country’s updated petroleum framework.
Local content framework
The agreement followed Guyana’s revised fiscal terms, which included a 10 per cent royalty, 10 per cent corporate tax and a 65 per cent cost recovery ceiling.
Cybele Energy also committed to full compliance with Guyana’s local content laws, covering employment, procurement and community participation.
Planned investments included training, capacity building, health care, infrastructure and community development programmes in host communities.
The agreement was later presented at a press conference in Accra on December 16, where its trade and investment implications were outlined.
It was described as establishing a cross-border investment corridor between Ghana and Guyana, anchored in energy cooperation.
At the event, Cybele Energy President, Beatrice Mensah-Tayui said the deal came at a time of major shifts in the global oil and gas industry.
She said Guyana had emerged as the world’s largest oil producer per capita and continued to draw international interest.
She said African companies were increasingly positioned to compete beyond the continent and participate in global energy markets.
“Cybele Energy’s entry into Guyana showed that African-owned companies could compete effectively in international oil and gas markets while contributing to development in host countries,” she said.
The transaction was supported by ALA Strategic Consult Guyana Ltd and the Ghana Chamber of Commerce Guyana.
Both institutions were led by Stanley Armartefio Jr., who coordinated engagements between Ghanaian and Guyanese stakeholders.
The teams assisted with bid preparation, due diligence, negotiations and regulatory processes ahead of the final signing ceremony.
Advisory perspective
Managing Partner of ALA, Nana Adjoa Hackman, said working with the Cybele Energy team had been rewarding.
She said the partnership played a central role in navigating Guyana’s regulatory environment and aligning the project with local requirements.
“Working with Ms Mensah-Tayui and her committed team over the years has been an enriching experience, and we look forward with optimism to the next phase of exploration and development on Block S7,” she said.
Under the agreement, Block S7 entered an exploration phase expected to last about five years.
The phase was expected to generate activity across upstream services, logistics and technical support sectors in Guyana.
Mrs Mensah-Tayui said the project would be guided by a strict local content framework to ensure the participation of Guyanese businesses and professionals.
Long-term focus
She said the company planned to focus on oil and gas, mining, technology and related industries as part of its wider strategy.
She said local participation would be built into procurement, employment and skills development programmes.
“We planned to prioritise technology transfer, skills development and partnerships with local firms as part of our long-term strategy in Guyana,” she said.
Source:
www.graphic.com.gh
