Ghanaian energy firm Cybele Energy Limited has formally commenced oil exploration activities in the Cooperative Republic of Guyana, securing a landmark offshore licence that expands its operational footprint into South America.

At a signing ceremony in Georgetown earlier this year, the company’s Founder and Chief Executive Officer, Mrs Beatrice Jones-Mensah Tayui, endorsed a Petroleum Sharing Agreement (PSA) and Petroleum Exploration Licence (PEL) with the Government of Guyana to explore Shallow-Water Block S7 under Guyana’s first competitive licensing round.

The agreement, which carries a US$17 million signing bonus, positions Cybele Energy as the first African-led operator and the first woman‑led energy company to secure an offshore oil block in Guyana’s prolific basin.

Under the terms of Guyana’s updated fiscal regime, the contract includes a 10 per cent royalty, 10 per cent corporate tax and a 50:50 split of profit oil after cost recovery, reflecting a significant evolution from previous petroleum agreements and aligning with the country’s strategy to attract global investment.

Block S7 is located approximately 50 kilometres from ExxonMobil’s Liza Phase 1 and 2 fields and is estimated to contain around 400 million barrels of recoverable oil equivalent, according to current seismic interpretations.

Cybele plans to undertake fresh 3D seismic acquisition and anticipates drilling its first exploration well within 12 months of the PSA’s effective date.

Speaking at a press engagement on the contract in Ghana on Tuesday, December 16, in Accra, Mrs Mensah‑Tayui expressed heartfelt gratitude to all partners and welcomed the opportunity for deeper cooperation between Ghana and Guyana.

She described the milestone as symbolic of strengthened South–South ties and urged women everywhere not to hesitate in pursuing ambitious professional goals.

Also emphasising the historic nature of the occasion, Dr John Appiah, Head of Mission of the Commonwealth Enterprise and Investment Council, commended Mrs Mensah‑Tayui’s leadership and noted that the achievement signals a new chapter in global energy participation for African enterprises.

“This milestone also carries a symbolic weight. Cybele Energy is not only the first African company to secure an offshore oil bloc in Guyana but also the first woman-led energy company to do so outside Africa,” he said.

He also described the project as “not a combination of a long trading history but the beginning of a new one, a relationship moving from limited exchange to a strategic partnership.”

"On behalf of the Commonwealth Enterprise and Investment Council, I commend the government of Guyana, Cybele Energy, the Government of Ghana and all other partners and stakeholders for their leadership and foresight,” he added.

Dr Emmanuel Kojo Jones Mensah, Chief Executive Officer of Empire Domus Group Ltd, who was present as a witness to the agreement, lauded the achievement as a “bridge between emerging energy frontiers” and praised Guyana’s government for fostering an environment that enables Ghanaian firms to compete on the international stage.

"To the government and people of Guyana, we commend your confidence, your openness and your commitment to a long term value creation. To the government of Ghana, thank you for providing an enabling environment that allows Ghanaian companies to expand and compete globally,” he noted.

Founded in 2012 and headquartered in Accra, Cybele Energy has grown from a regional player into a diversified energy group through its Exploration & Production, Engineering, and Aqua divisions, with operations spanning Africa, the United States, the Caribbean and now South America.