QatarEnergy has signed a production sharing agreement for shallow-water Block S4 offshore Guyana. QatarEnergy will hold a 35% stake alongside operator TotalEnergies (40%) and Malaysian state firm Petronas (25%). The block was awarded through Guyana’s 2022 licensing round.
Under the petroleum agreement, partners will have an initial three-year first phase of exploration where they have committed to conduct $25mn worth of seismic work. Following this, they will have an option to extend it by a further two years. In this extension period, they will be required to conduct $30mn of exploration including drilling one exploration well to at least 1,000m depth. (CONTINUED - 190 WORDS)