Cybele Energy Ltd has become the first African company to secure an oil block in Guyana following the signing of a Petroleum Agreement and the issuance of a Petroleum Exploration Licence for Shallow Water Block S7. The agreement was concluded on Tuesday at a ceremony held at the Pegasus Hotel in Georgetown.
The achievement, led by Cybele Energy’s President, Ms Beatrice Mensah-Tayui, represents a significant milestone for Ghana and the African continent, marking the first time an African operator has been awarded an oil block in both South America and the Caribbean. It is also expected to strengthen growing economic and diplomatic relations between Ghana and Guyana while advancing wider efforts to boost Africa–Caribbean commercial ties.
Africa Legal Associates (ALPi Ghana), which has served as Cybele Energy’s counsel since December 2022, confirmed the signing in a statement. The firm began working with Cybele Energy after the Government of Guyana opened competitive bidding for 14 offshore blocks, of which eight were ultimately awarded. Cybele Energy emerged successful in securing Block S7, regarded as one of the most promising shallow-water prospects.
According to ALPi, the agreement is the result of three years of legal, commercial and regulatory work undertaken in partnership with its Guyana affiliate, ALA Strategic Consult Guyana Ltd, and the Ghana Chamber of Commerce Guyana. The collaboration supported the company from bid preparation and due diligence to negotiations and regulatory engagements.
“Working with Ms Mensah-Tayui and her committed team over the years has been an enriching experience, and we look forward with optimism to the next phase of exploration and development on Block S7,” said Ms Nana Adjoa Hackman, Managing Partner of ALA.
Block S7 lies within the prolific Guyana offshore basin, situated on the same geological fairway as major fields including the Liza discoveries and adjacent to Repsol’s Carapa-1 find. Cybele Energy’s technical analysis suggests the block may hold up to 400 million recoverable barrels of oil, with a projected production potential of as much as 160,000 barrels per day from a development plan involving eight production wells supported by water and gas injectors.
Given its shallow-water location approximately 100 kilometres offshore, the company anticipates the possibility of using an onshore Early Production Facility, which could yield significant cost savings compared with deeper-water FPSO-led developments. Under Guyana’s Production Sharing Agreement, shallow-water operators may recover up to 65 per cent of costs, improving the block’s commercial attractiveness.
Cybele Energy has also committed to substantial local content and corporate social responsibility initiatives, including investments in training, logistics, healthcare, housing and offshore service capacity aimed at delivering long-term benefits to Guyana.
Senior Partner of ALPi Ghana, Mr Gabby Asare Otchere-Darko, described the signing as a defining moment for African enterprise. “Today’s signing is more than a commercial achievement; it is a continental milestone. Cybele Energy’s success affirms what African companies and African women leaders can accomplish on the global stage when determination, expertise and partnership come together,” he said.
Africa Legal Associates, a leading corporate and commercial law firm headquartered in Accra and part of the pan-African ALP International network operating across 12 countries, said it will continue to support Cybele Energy as exploration work on Block S7 moves forward.