Guyana is preparing the groundwork for additional offshore petroleum licensing while simultaneously negotiating agreements for blocks awarded in the previous licensing round.
The Ministry of Finance's Mid-Year Report says the government is strengthening Guyana's position to host additional licensing rounds, with improved seismic coverage identified as an important requirement.
During the first quarter, the government signed a multi-client agreement for a 3D seismic survey covering offshore areas.
The survey is expected to advance during the second half of 2026 and is intended to guide drilling activity and improve exploration efficiency across Guyana's offshore basin.
The government says the seismic work will cover both licensed and unlicensed blocks.
At the same time, Guyana is still completing the process associated with its previous licensing round.
An exploration licence was issued for the Berbice Block during the first half of the year, while negotiations continued for the remaining blocks from the first licensing round.
Those negotiations are expected to continue during the second half with the aim of facilitating the signing of Production Sharing Agreements.
The two processes—developing existing awards while preparing for another licensing round—highlight the expanding administrative demands created by Guyana's offshore petroleum industry.
The government is not only seeking additional exploration activity but is also building the data and regulatory infrastructure needed to support it.
The Mid-Year Report says a review of the technical specifications for Guyana's Petroleum Data Repository was completed during the first half.
The repository is expected to become operational in the final quarter of 2026.
The system is intended to provide a local, centralised facility for collecting and securely storing petroleum-sector data.
That becomes increasingly significant as the country expands its seismic coverage.
More seismic information means more geological data being generated across the offshore basin, while a growing number of licensed and unlicensed areas creates a greater need to organise and preserve that information.
The government says the repository will support the country's petroleum management as exploration expands.
Meanwhile, the regulatory framework is also being developed.
A review of regulations under the Petroleum Activities Act 2023 progressed during the first half and is expected to support promulgation in the second half.
Drafting of regulations under the Oil Pollution Prevention, Preparedness, Response and Responsibility Act 2025 also progressed, with the government expecting the legislation to come into operation by the end of 2026.
The Local Content Act is also undergoing review, with stakeholder engagements identifying an additional 20 areas for possible inclusion in the Act's first schedule covering goods and services.
Taken together, the developments point to Guyana moving from managing a relatively young petroleum sector to building the institutional architecture for a much larger exploration and production industry.
.png)
