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Released November 17, 2025 | SUGAR LAND
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Written by Paul Wiseman for Industrial Info Resources (Sugar Land, Texas)
Petronas's involvement comes through its wholly-owned subsidiary Petronas Energy Guyana Sdn Bhd (PEGSB). This is Petronas's first foray into Guyana, as it announced it is looking to expand operations.
The agreement is the first to be signed after a 2023 tender allowing Guyana's government to allocate eight of the 14 blocks offered to producers, according to Baird Maritime.
During the signing ceremony, Guyana's Energy Minister Vickram Bharrat noted that the consortium will pay a $15 million entrance bonus. Action may begin quickly, as TotalEnergies Vice President of Exploration for the Americas Daniel Larrañaga announced, "We want to explore this basin as soon as we can."
Since then, ExxonMobil's consortium, which includes Hess (New York, New York) (whose continued claim to retaining consortium rights as part of its sale to Chevron (Houston, Texas) was recently affirmed by the courts) and the China National Offshore Oil Corporation (CNOOC) (Beijing), have found about 30 more producing locations.
All Guyana offshore production currently comes from three floating production, storage, and offloading vessels (FPSOs) owned and operated by that consortium. The Liza Destiny; the Liza Unity and Prosperity. Subscribers to Industrial Info's Global Market Intelligence (GMI) Plant Database can click here for the plant profile.
With that, the U.S. Energy Information Agency (EIA) reports that the nation has become a key contributor to global crude oil supply growth. From 2020-2023, Guyana's production growth was the third highest in the world, trailing on the U.S. and Brazil, which were first and second, respectively.
The EIA adds that there is plenty more where that came from. "Guyana's most recent estimate of recoverable oil and natural gas resources is more than 11 billion oil-equivalent barrels, and developers are still exploring the country's offshore waters." That would include TotalEnergies' group.
Industrial Info is tracking 36 development projects worth just over $5.5 billion in Staebrook.
Further expansion is likely on the horizon, as minister Bharrat announced that the government is looking to sign exploration agreements in at least two additional areas that were allocated in the same tender. The minister pointed out that negotiations are underway involving bonuses and work programs.
By the Numbers
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
Summary
Offshore Guyana continues to be an oil hotspot, signing TotalEnergies (40%, operator) and its partners QatarEnergy (35%) and Petronas (25%) to a new exploration license. Guyana's production growth 2020-2023 was third fastest in the world.A Piece of the Block
A three-party consortium led by TotalEnergies (Courbevoie, France) has signed a production sharing agreement for Block S4 with Guyana's Ministry of National Resources. The block was awarded in 2023, based on the consortium's successful bid in the 2022 licensing bid round. Other partners include QatarEnergy (Doha, Qatar) (35%) and Petronas (Kuala Lumpur, Malaysia) (25%).Where's Block S4?
Block S4 is 1,788 square kilometers (km) (690 square miles) in size, located about 50-100 km (approximately 30-60 miles) from shore. TotalEnergies (40%, the operator), with partners QatarEnergy (35%) and Petronas (25%) will begin with a 2,000-square-kilomter 3D seismic acquisition, TotalEnergies said in a press release.Petronas's involvement comes through its wholly-owned subsidiary Petronas Energy Guyana Sdn Bhd (PEGSB). This is Petronas's first foray into Guyana, as it announced it is looking to expand operations.
The agreement is the first to be signed after a 2023 tender allowing Guyana's government to allocate eight of the 14 blocks offered to producers, according to Baird Maritime.
During the signing ceremony, Guyana's Energy Minister Vickram Bharrat noted that the consortium will pay a $15 million entrance bonus. Action may begin quickly, as TotalEnergies Vice President of Exploration for the Americas Daniel Larrañaga announced, "We want to explore this basin as soon as we can."
Guyana Production Explodes
An oil and gas producer only since 2019, Guyana's production reached 645,000 barrels per day (BBL/d) in early 2024, all from the Stabroek block. Production is expected to reach 1.3 million BBL/d by 2030. Exxon Mobil Corporation (Spring, Texas) first found oil there in 2015, the Liza discovery. Liza-1 "encountered more than 295 feet of high-quality oil-bearing sandstone reservoirs," says the ExxonMobil website.Since then, ExxonMobil's consortium, which includes Hess (New York, New York) (whose continued claim to retaining consortium rights as part of its sale to Chevron (Houston, Texas) was recently affirmed by the courts) and the China National Offshore Oil Corporation (CNOOC) (Beijing), have found about 30 more producing locations.
All Guyana offshore production currently comes from three floating production, storage, and offloading vessels (FPSOs) owned and operated by that consortium. The Liza Destiny; the Liza Unity and Prosperity. Subscribers to Industrial Info's Global Market Intelligence (GMI) Plant Database can click here for the plant profile.
With that, the U.S. Energy Information Agency (EIA) reports that the nation has become a key contributor to global crude oil supply growth. From 2020-2023, Guyana's production growth was the third highest in the world, trailing on the U.S. and Brazil, which were first and second, respectively.
The EIA adds that there is plenty more where that came from. "Guyana's most recent estimate of recoverable oil and natural gas resources is more than 11 billion oil-equivalent barrels, and developers are still exploring the country's offshore waters." That would include TotalEnergies' group.
Industrial Info is tracking 36 development projects worth just over $5.5 billion in Staebrook.
Diversifying Its Portfolio
With ExxonMobil's consortium the first to get its foot in the door and continuing to develop more sites, Guyana has struggled to expand its portfolio of producers beyond just that one. The TotalEnergies agreement, along with other recent additions, is seen as a step in that direction.Further expansion is likely on the horizon, as minister Bharrat announced that the government is looking to sign exploration agreements in at least two additional areas that were allocated in the same tender. The minister pointed out that negotiations are underway involving bonuses and work programs.
By the Numbers
- $15 million: Entrance bonus paid by TotalEnergies-led consortium for rights to block S4 in Staebrock
- 690 square miles: Size of block S4
- 645,000: Guyana's average barrels per day oil production in early 2024
- Offshore Guyana oil reserves continue to garner interest as TotalEnergies consortium tosses hat into exploration ring.
- With 11 billion oil-equivalent barrels in estimated recoverable reserves, the nation is becoming a significant producer.
About Industrial Info Resources
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
