Guyana has taken another step in expanding its offshore oil landscape after signing a new production-sharing agreement that brings an African-led operator into its waters for the first time.

Ghana-based Cybele Energy, led by founder and CEO Beatrice Mensah Tayui, has secured exploration rights for Block S7, a shallow-water tract awarded under Guyana’s first offshore licensing round. The company paid a $17 million signature bonus, surpassing the required minimum and signaling its strong commitment to the South American nation’s booming oil sector.

The award is historic for two reasons: Cybele becomes the first African-led company to operate in Guyana and the first woman-led upstream firm to win oil acreage outside Africa.

Guyana’s Natural Resources Minister, Vickram Bharrat, described the deal as a boost for local content, saying it would open new opportunities for Guyanese businesses while generating jobs and investment as exploration progresses.

Under the new contract terms, the government will receive a 10% royalty, a 10% corporate tax, and a 50/50 profit-oil split, alongside stricter cost-recovery rules compared with earlier deals like ExxonMobil’s Stabroek block contract.

Cybele Energy estimates that Block S7 could hold around 400 million barrels of recoverable oil. The acreage sits close to Exxon’s Liza development and partially overlaps the Carapa-1 area previously drilled by Repsol. The company plans to drill its first exploration well in late 2026.

In a separate development, offshore services provider Bourbon Offshore has signed a five-year agreement with ExxonMobil to supply maritime support for operations in the Stabroek block starting early 2026.