Three energy giants – France’s TotalEnergies, Qatar’s state-owned QatarEnergy, and Malaysia’s Petronas – are joining forces to explore the hydrocarbon potential of an offshore block in Guyanese waters.
To this end, QatarEnergy has confirmed the signing of a production sharing agreement (PSA) for shallow-water Block S4 offshore Guyana, following the award of the block through the country’s 2022 licensing round.
Commenting on this agreement, Saad Sherida Al-Kaabi , Qatar’s Minister of State for Energy Affairs, the President and CEO of QatarEnergy, remarked: “We are pleased to secure this exploration block in Guyana, further building on the strategy to expand our global upstream exploration activities. “I would like to thank the government of the Cooperative Republic of Guyana and our partners in the block for their valued support and cooperation. We look forward to working together to deliver on our exploration objectives.”
Thanks to this deal, TotalEnergies (operator) will have a 40% stake, while its partners, QatarEnergy and Petronas, will hold the remaining 35% and 25% interests.
The block, covering an area of 1,788 square kilometers, is situated approximately 50-100 kilometers from Guyana’s coast, in water depths of 30-100 meters.
This comes after the firm signed PSCs with Staatsolie, Petronas, and Chevron for two blocks offshore Suriname.