Oil-rich Guyana opens bids for new offshore blocks as it seeks to boost production
The government of Guyana has opened bids for 14 offshore oil blocks available for exploration and development as the South American country seeks to ramp up oil production GEORGETOWN, Guyana -- Guyana has opened bids for 14 offshore oil blocks available for exploration and development as the South American country seeks to ramp up oil production. Six companies and groups submitted bids for the available blocks late Tuesday after the bidding process was postponed three times to provide more time for those interested to evaluate the blocks ’ data. No one knows what the 14 blocks located miles off Guyana’s coast contain, but ExxonMobil has successfully drilled more than 30 wells near them in waters off a country now considered one of the world’s biggest offshore oil producers. The blocks cover a total area of at least roughly 386 square miles (1,000 square kilometers). ExxonMobil once again teamed up with its partners in Guyana, U.S.-owned Hess Corp. and China National Offshore Oil Co...