Cybele Energy, a Ghana-based independent oil and gas company, has announced plans to immediately begin exploration activities on its shallow-water offshore Block S7 in Guyana, days after signing a production-sharing agreement (PSA) with the South American country’s government.
The Ghanaian company, Cybele Energy, bid US$17 million upfront for a shallow water well that the company believes contains at least 400 million barrels of oil but the final figure depends on further studies, officials said on Tuesday.