Guyana: Guyana began accepting bids on Friday on 14 new offshore oil and gas blocks in an effort to capitalize on interest in the lucrative fields that could turn the South American country into a significant oil producer.

Guyana had one of the biggest oil discoveries in the last ten years. Exxon Mobil struck the first batch of oil off the coast of Guyana in 2019, two years after the discovery was made public.

Since then, more than 30 wells have been successfully drilled close to the blocks that are currently up for auction by a consortium led by Exxon.

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The bidding period will run from Friday until May next year, according to President Irfan Ali, to give businesses time to research blocks.

Businesses can submit bids until April 14, after paying a $20,000 fee to access a virtual data room that includes details about the offshore zone. By mid-April, bids should be submitted, and by the end of May, results and awards should be announced. announced.

In a live Facebook post, Ali said, "This will of course follow the assessment and evaluation of the bids received during this bidding round."

Guyana's cabinet has repeatedly stated that it will work to secure the best possible terms for the country's last remaining and revenue-generating economic legacy, oil and gas.

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All aspects of Guyanese society have consistently attacked the current agreements with the consortium, including Hess Corporation and China's CNOOC, production sharing agreements and tax-free incentives.

In essence, the agreement enables Exxon and its partners to split the remaining 25% with Guyana and recover 75% of their production-related costs while paying a 2% royalty. The workers want a 10% hike in royalty.

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Although the government has said it will seek to benefit from agreements for new blocks currently being offered, it has ruled out renegotiating existing agreements.