Shell, Chevron and Petrobras weigh Guyana oil auction bids -sources

Guyana's coming auction of offshore oil exploration blocks has lured at least 10 companies including Shell, Petrobras and Chevron to consider the decade's hottest oil region. The South American country is offering 14 blocks, with winning bidders expected to be picked next month.

March 6, 2023 . 2:50 PM

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Guyana is offering 14 offshore blocks in an attempt to speed economic development and reduce an Exxon Mobil-led consortium's dominance of its oil sector.
At least 10 companies including Shell, Petrobras and Chevron have shown interest in the April round.
Guyana estimates it has up to 25 billion barrels of oil and gas in place off its coast.
The proposed rules will nearly double the government's take from oil production to 27.5% of royalties and profit oil.
The new agreement also will require producers provide more information to Guyana.