(MENAFN- Caribbean News Global) GEORGETOWN, Guyana, (DPI) – Guyana has secured a US$15 million signing bonus from a new Production Sharing Agreement (PSA) signed on Tuesday with a consortium comprising QatarEnergy (35%), TotalEnergies (40%, operator), and PETRONAS (25%) for the shallow-water Block S4 offshore Guyana.

The bonus exceeds the minimum US$10 million floor for shallow-water blocks and will be deposited directly into the Natural Resource Fund (NRF), ensuring full transparency and accountability.

The agreement, inked at the Pegasus Corporate Suite on Tuesday, is the first to be signed under Guyana's new fiscal regime. The new PSA introduces a 10 percent corporate tax, enhanced environmental and regulatory standards, and stricter penalties for non-compliance with work programmes.

Minister of natural resources, Vickram Bharrat, hailed the agreement as a milestone that strengthens investor confidence and marks the first PSA signed under Guyana's new fiscal regime. The minister emphasised that the signing underscores the government's ongoing effort to attract world-class investors while protecting Guyana's long-term interests.

“Every agreement must yield benefits for Guyana and our people. While we welcome international investment, our partnerships must support national development and uphold the highest environmental standards,” he stated.

Minister Bharrat noted that the Guyana Basin continues to attract some of the world's largest and most experienced energy companies, including ExxonMobil, Chevron, CNOOC, TotalEnergies, QatarEnergy, and PETRONAS, solidifying Guyana's position as an emerging global energy hub.

The minister praised the technical team within the ministry of natural Resources for their exceptional work in managing the sector, citing Guyana's rapid progress from its first oil production in 2019 to current production levels of approximately 930,000 barrels per day.

Minister Bharrat reiterated that Guyana remains committed to balancing energy development with environmental stewardship.

“Few nations can produce nearly a million barrels of oil per day while remaining carbon negative,” he said.“Guyana continues to show that sustainable development and environmental responsibility can go hand in hand.” He added that the country's Local Content Legislation, Petroleum Activities Act, and Natural Resource Fund Act are globally recognised as pillars of transparency and good governance.

“Guyana has emerged as a model for responsible resource management. We will continue to ensure that our natural wealth is harnessed for the prosperity of current and future generations,” he stated.

Notably, Guyana has distinguished itself as one of the few new oil-producing nations to establish an NRF within just two years of commencing production, a move, minister Bharrat describes as a commitment to transparency and sound fiscal management.

“Many countries took 10, 20, or even 30 years before they actually established their sovereign wealth fund. We did so two years after, or maybe less than two years after production,” the minister stated.

The new oil block, 'Block S4', spans approximately 1,788 square kilometres, located 50 to 100 kilometres off Guyana's coast in water depths ranging from 30 to 100 metres. Exploration activities will adhere to Guyana's regulatory standards and international best practices for environmental protection and resource management.

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