-reviewing new Production Sharing Agreement
All six companies that had been awarded oil blocks from Guyana’s first auction have been granted approval by government and have indicated that they are willing to pay the respective signing bonuses, as such, they have been issued the new Pro-duction Sharing Agreement (PSA) for perusal, pending signing, Minister of Natural Resources, Vickram Bharrat, announced on Wednesday.
“Every single one of those six companies for the eight blocks… have submitted their applications to us. We have given the PSA and they are currently reviewing that and they intend to sign and all of them have indicated that they are ready to pay their signing bonus,” Bharrat told a nearly four-hour-long mid-year press conference he hosted at the Forestry Commission in Kingston, Georgetown.