New oil deals not likely before 2020 –Bynoe

Despite “significant interest” in Guyana’s remaining deep water oil blocks, the Department of Energy (DoE) has no immediate plans to grant any concessions until it completes an oil and gas model contract for future Production Sharing Agreements (PSAs), which could take just over a year.

“We do not envisage a possible licensing round maybe ’til early 2020 and that’s being realistic in terms of where we are going,” Head of the Department of Energy, Dr. Mark Bynoe yesterday told a press conference; the first he has held since taking the position on August 1st of this year.

The DoE head said that there has been “significant interest” in the ultra-deep area referred to as Block C but stressed that government is not “anxious to allocate Block C just yet until we have these complementary pieces in place…such as a model PSA, revision to the legislation and so forth.”….