Oil blocks’ auction on for end of September

The much-anticipated sale of Guyana’s oil blocks is set for the end of September, Vice President Dr. Bharrat Jagdeo said on Tuesday night.

These blocks will be sold through an auction process, essentially meaning that the highest bidder will gain control of a specific area to search for and possibly produce oil and gas.

The Vice President, speaking during an online programme, was keen on noting that this mechanism of marketing Guyana’s oil resources has never been done before.

“That is major,” he said.

He, however, noted that the government has to institute key provisions to facilitate the auction since Guyana’s laws do not allow for this.

The blocks that will be up for auction include those areas that have been relinquished by oil companies searching for oil offshore.

A good deal for everyone