Guyana is postponing by about one month its first offshore oil blocks auction as the country finalizes new terms of the country’s oil and gas regulatory framework, Vice President Bharrat Jagdeo told Reuters yesterday.
The Reuters report noted that Guyana has three times before delayed the offer of 14 offshore blocks intended to recruit new explorers and reduce the hold over its oil output by a group led by ExxonMobil Corp.
The oil auction postponement was due to local elections held this week, Jagdeo told Reuters. A new date for the auction has not been set, he said.