📢 Please support the Guyana Business Journal & Magazine today
GEORGETOWN, GUYANA – In a landmark move for Guyana’s burgeoning oil and gas sector, the Government of Guyana has signed a Production Sharing Agreement (PSA) with Cybele Energy, a Ghanaian-owned oil and gas company, for the exploration of the shallow-water Block S7. The deal, formalized on December 9, 2025, at the Pegasus Hotel in Georgetown, marks several historic firsts for both Guyana and the international energy industry.
This agreement marks the second PSA signed under Guyana’s new, more stringent fiscal regime, introduced following the 2022 oil auction. The new terms include a 10% royalty rate, a 10% corporate tax, and a 65% cost recovery ceiling, with a 50/50 profit-oil split between the government and the contractor. This is a significant departure from the previous PSA model, particularly the controversial Stabroek Block agreement, which had been the subject of sustained public debate.
A New Era of Partnership and Diversity
The deal with Cybele Energy is particularly noteworthy as it introduces the first African-led operator to Guyana’s oil and gas landscape. Furthermore, Cybele Energy is the first woman-led exploration and production company to secure an oil block outside Africa. The company is led by its founder and CEO, Beatrice Mensah-Tayui, who hailed the agreement as “the beginning and dawn of a new era” for both the industry and for women in energy.
“Today, Guyana has made history,” Ms. Mensah-Tayui stated at the signing ceremony. “Guyana has taken a bold step in the advancement of women.” She also emphasized the ancestral ties between Ghana and Guyana, describing the deal as a symbol of unity between the two nations.
Minister of Natural Resources, Vickram Bharrat, echoed these sentiments, noting that the agreement is a testament to Guyana’s growing global influence. “It shows that our work…has been truly recognised around the world, so much so that it is attracting investments and interests globally and across continents,” he said.
The Details of the Deal
The agreement for Block S7 comes with a signing bonus of US$17 million, which is US$7 million above the minimum requirement for shallow-water blocks under the new fiscal regime. The block itself is located approximately 50 kilometers from ExxonMobil’s prolific Liza Phase 1 and 2 fields and is estimated to contain around 400 million barrels of recoverable oil.
Cybele Energy has committed to a robust exploration program, with a 3D seismic survey scheduled and the first exploration well expected to be drilled within the initial period following the PSA signing. To support its operations, Cybele has partnered with Well Expertise (now part of Elemental Energies), a Norway-based company with extensive experience in shallow-water operations following its July 2024 acquisition. The company has also brought on board Segun Jebutu, a former Lead Geophysicist at ExxonMobil who worked on 25 Guyana oil wells, bringing significant experience in the Guyana-Suriname Basin.
A Closer Look at Cybele Energy
Founded in 2012, Cybele Energy has been a relatively new and unknown player in the international oil and gas exploration and production scene. While the company has been in operation for over a decade, its public profile has been significantly raised by the acquisition of the Guyanese oil block.
CEO Beatrice Mensah-Tayui has operated oil and gas exploration and production services businesses under the Cybele name since 2011, initially focusing on West Africa. Before founding Cybele, she held leadership positions at leading pharmaceutical companies, including Pfizer, Hoffmann-La Roche, and Johnson & Johnson. She has a Bachelor’s degree in Economics and Business Administration from Roosevelt University in Illinois and splits her time between Chicago and Ghana.
A review of the company’s history shows a focus on building its corporate structure and engaging in strategic partnerships. One such collaboration was with the Ghana Water Company Limited (GWCL) in 2022, which appeared to be a corporate social responsibility initiative focused on critical infrastructure, rather than a core oil and gas project.
The Block S7 acquisition is, by all public accounts, Cybele Energy’s most significant venture into upstream oil and gas operations to date. The company’s strategic move to partner with experienced technical firms and personnel underscores a deliberate approach to entering a new and challenging exploration environment. The successful negotiation of the PSA and the significant signing bonus—70% above the minimum requirement—demonstrates a strong commitment to the project and a belief in the potential of Block S7.
Guyana’s Evolving Oil Sector
The signing comes at a critical juncture for Guyana’s oil and gas sector. The first PSA under the new fiscal regime was awarded to a consortium comprising TotalEnergies, QatarEnergy, and Petronas for Block S4, signed just weeks earlier. These new agreements stand in stark contrast to the 2016 Stabroek Block PSA with ExxonMobil, which featured a 2% royalty rate and 75% cost recovery ceiling. The new terms effectively increase Guyana’s government take from approximately 14.5% to 27.5% of gross revenues, plus the newly introduced 10% corporate tax.
The 2022 licensing round, which awarded Block S7 to Cybele, marked Guyana’s first competitive oil block auction and represented a strategic shift in the country’s approach to petroleum resource management. Originally, Cybele was awarded the block in partnership with Liberty Petroleum Corporation of the United States, but the final agreement sees Cybele as the sole signatory and operator.
The Path Forward
The signing of the PSA with Cybele Energy marks another significant step in the development of Guyana’s oil and gas sector. It not only diversifies the range of operators in the country but also sets a new standard for inclusivity and international partnership. As Cybele Energy embarks on its exploration program, all eyes will be on Block S7 to see whether it delivers on its promising potential and contributes to the continued growth of Guyana’s economy.
The agreement also represents a broader trend of African capital and expertise entering Caribbean and South American energy markets, potentially opening new corridors for South-South cooperation in the extractive industries. For Ghana, Cybele’s success represents the growing international reach of Ghanaian enterprise in the global energy sector.
References
- NCN Guyana Facebook Post
- Cybele Energy Website (https://cybeleenergy.com/)
- Guyana Chronicle: “Guyana gets US$17 million in signing bonus from Ghana’s Cybele Energy for S7 Block” (December 9, 2025)
- News Room Guyana: “US$17M signing bonus as Ghanaian firm gets shallow block offshore Guyana” (December 9, 2025)
- Guyana Chronicle: “Ghanaian firm teams up with engineering heavyweight ahead of signing for Guyana shallow-water block” (December 7, 2025)
- Demerara Waves: “Ghanaian company inks agreement for 400 million barrels of oil Guyana concession” (December 9, 2025)
- Cybele Energy: “Cybele Energy Ltd Partners with GWCL for Site Visit” (2022)
- Elemental Energies: “Elemental Energies acquires Norway’s Well Expertise AS” (July 2024)
📢 Please support the Guyana Business Journal & Magazine today
The Guyana Business Journal is committed to delivering thoughtful, data-driven insights on the most critical issues shaping Guyana’s future—from oil and gas to climate change, governance, and development. We invite you to support us if you value and believe in the importance of independent Guyanese-led analysis. Your contributions help us sustain rigorous research, expand access, and amplify the voices of informed individuals across the Caribbean and the diaspora.
The Guyana Business Journal Editorial Board welcomes reflections and submissions at terrence.blackman@guyanabusinessjournal.com.
