Ghanaian-owned Cybele Energy has made history by securing a shallow-water offshore oil block in Guyana through a landmark Production Sharing Agreement with the Government of Guyana, marking the first time an African-owned company has been granted offshore petroleum acreage in the South American nation.
Signed on December 9, 2025, the PSA gives Cybele Energy exploration and production rights to Block S7, covering approximately 2,000 square kilometers within Guyana’s rapidly expanding offshore petroleum basin, one of the world’s most prospective oil provinces.
Preliminary evaluations suggest Block S7 could contain up to 400 million barrels of recoverable oil, pending further seismic acquisition, exploratory drilling, and appraisal programs.
Under the agreement, Cybele Energy paid a $17 million signing bonus to the Government of Guyana. The PSA aligns with Guyana’s updated petroleum framework, featuring a 10% royalty, 10% corporate tax, and a 65% cost-recovery ceiling, balancing investor returns with national benefits.
The company has also committed to full compliance with Guyanese local content legislation, including investments in training, capacity building, healthcare initiatives, infrastructure, and community programs.
Speaking with the media in Accra on December 16, 2025, Cybele Energy CEO Beatrice Mensah-Tayui described the milestone as significant for both the company and Africa’s role in the global energy sector. She noted that the agreement represents a significant milestone for Cybele Energy and for African participation in the global upstream sector, expressing honor to partner with the Government of Guyana and commitment to responsibly advancing exploration activities while creating long-term value for all stakeholders.
Reflecting on the challenges of being a woman in the traditionally male-dominated oil and gas industry, the CEO mentioned that being one of the few women leading in the upstream oil and gas sector comes with significant challenges. She emphasized the need for resilience, craft knowledge, and operating in a merit-based environment.
Mensah-Tayui continued by acknowledging that women do not always get the same support their male counterparts receive, but stressed that confidence in knowledge and performance is crucial, with work speaking for itself. She described discipline and excellence as non-negotiable.
Touching on the broader impact of the Production Sharing Agreement for Ghana and Africa, Mensah-Tayui said that for any woman or girl who has ever doubted what is possible, the time is now. She urged choosing courage, accountability, and excellence, noting that success is not about location or sector, but about integrity and honoring one’s word.
She urged Ghanaian businesses in Guyana to focus on inclusive partnerships, emphasizing that Ghanaians should look to doing business in Guyana, but not in the absence of the Guyanese people. She stressed the importance of partnering with locals who understand the environment, noting that development must be collaborative, about shared growth, transfer of knowledge, transfer of technology, and respect for Guyana’s local content framework.
Source: ghanaweb.com