Ghanaian oil company Cybele Energy has been given a final extension — up to September 15 — to pay its outstanding US$17 million signing bonus, or it will lose the S7 shallow water block offshore Guyana that it was awarded.
In an invited comment, Natural Resources Minister Vickram Bharrat said the company requested this extension.
"Because we want to see the investment in country and because they've already invested somewhat in Guyana, and because of our investor-friendly posture as a government, we would've agreed to that. However, this is the final extension," Bharrat said on Saturday.
"If it doesn't happen by the 15th of September, we will be in no other position but to cancel the licence."
Cybele Energy signed a Production Sharing Agreement (PSA) with the Guyanese Government in December 2025 for shallow-water Block S7, located approximately 50 km from ExxonMobil's Liza Phase 1 and 2 fields, with an estimated 400 million barrels of recoverable oil equivalent. The deal came with a US$17 million signing bonus — US$7 million above the minimum set for shallow blocks under Guyana's current oil management regime. Under the PSA, the bonus was required to be paid within 30 days of signing; failure to do so triggered financial penalties.
The company had encountered difficulties meeting the payment and was previously given until the end of July to settle the bonus. On Saturday, September 5, Bharrat confirmed the deadline has been extended to September 15. Cybele Energy is also expected to submit a workplan.
Previously, Bharrat acknowledged that the company demonstrated some level of commitment by establishing a local office, hiring Guyanese staff — including a Guyanese woman as country manager — and paying more than US$2 million in licence fees, environmental bonds and other statutory charges to the Guyana Geology and Mines Commission.
Cybele Energy is an African-owned exploration and production company operating across Africa, the United States, and the Caribbean. Its partnerships include Norway-based Well Expertise, known for its strong capacity in shallow-water operations. The company's geological leadership includes Segun Jebutu, former lead subsurface scientist for more than 25 ExxonMobil wells offshore Guyana.
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