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, people close to the matter said.
The South American country 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. Winning bidders are expected to be picked next month.
Guyana Vice President Bharrat Jagdeo is set to speak at the CERAWeek energy conference in Houston on Monday to drum up support for the country’s first competitive bidding round.
“We see this as big, transformative for our people. We are in a mad rush to get this done before net-zero comes,” he said referring to the target to slash fossil fuel use by 2050.
He plans to meet with U.S. government officials, international and state-run oil firms while in Houston.
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