Guyana: Ghana-based Cybele Energy Risks Losing Oil Block Due to Unpaid Signing Bonus

Cybele Energy, a Ghana-based company, has not yet fulfilled its obligation to pay a $17 million signing bonus as part of its oil exploration agreement with the government of Guyana. This delay has prompted Natural Resources Minister Vickram Bharrat to issue a warning that the company risks losing its 2,000 square kilometer shallow water offshore concession.

According to Minister Bharrat, Cybele Energy had indicated that it would make a payment of 30% in the first week of June, with the remaining amount to be paid within six weeks. He noted that failure to make the payment would relieve the government of any obligation to continue the agreement.

The signing bonus was supposed to be paid within 30 days of the agreement being signed in December 2025. As a result of the delay, Cybele Energy has incurred an additional $4 million in accrued interest. The funds from the signing bonus are expected to be deposited into the Natural Resources Fund.

Minister Bharrat mentioned that the Ministry of Natural Resources’ legal team is in communication with Cybele Energy regarding the situation. However, he pointed out that there is no specific legal framework governing the payment of the signing bonus.

While the minister did not directly connect the company’s failure to pay the bonus with its ability to execute its work program, he acknowledged that the successful execution of the program may depend on finding a globally recognized operator with a strong financial background. He stated, “I don’t think we should tie payment of a signing bonus to fulfilling a work program.”

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Source: demerarawaves.com

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