Ghanaian-Owned Cybele Energy Secures Major Oil Exploration Deal in Guyana

Ghanaian-Owned Cybele Energy secures major oil exploration deal in Guyana to reduce the unemployment rate in the country.

Ghanaian-owned energy company, Cybele Energy Ltd, is on the brink of a significant international breakthrough as it prepares to finalize a major oil exploration agreement with the government of Guyana.

The deal, set to be signed on Tuesday, December 9, will grant Cybele Energy exclusive rights to explore for hydrocarbons in Block S7, a shallow-water concession located offshore Guyana.

According to Guyana’s Minister of Natural Resources, Vickram Bharrat, the agreement will cover an estimated 2,000 square kilometres and marks a strategic milestone in Guyana’s efforts to expand its offshore oil and gas sector.

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“Cybele has advanced the negotiation with us to a stage where we have finalized the agreement with them, and that is the company we’ll be signing with,” Mr. Bharrat confirmed during a media briefing.

The announcement comes ahead of the 5th Guyana Energy Conference and Supply Chain Expo, scheduled for February 17–20, 2026, where global stakeholders are expected to discuss sustainable energy development and partnerships.

The Government of Guyana has confirmed that the fiscal terms for its latest shallow-water oil exploration agreement remain unchanged as preparations for the official signing progress. The agreement includes:

– 10% royalty

– 10% corporate tax

– 65% cost recovery ceiling

– 17.5% profit oil each for both the Government of Guyana and the partnering company

These terms reflect the country’s consistent approach to managing its offshore oil resources, ensuring fair benefits for both the state and its investors.

Officials indicated that the only pending matters are administrative and will be finalized before the formal signing ceremony scheduled for next week.

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According to Demerara Waves, this deal marks Guyana’s second shallow-water oil exploration agreement in recent months.

The first was concluded with global energy company TotalEnergies and its consortium partners, Petronas of Malaysia and Qatar Energy, signaling growing interest in Guyana’s oil potential.

This continued activity positions Guyana as a rising player in offshore oil production while seeking to strike a balance between investment attraction and national benefit.