Guyana has pushed back by three months the deadline for offers in the country’s first competitive bid round, which will feature 14 offshore blocks under revamped terms and conditions.

The country is one the world’s hottest oil and gas frontier areas, with US supermajor ExxonMobil having discovered about 11 billion barrels of oil equivalent in recoverable resources in the Stabroek block and the government estimating the country’s offshore arena to hold more than 25 billion boe.

The government had initially aimed to stage the round late last year, but extensive preparatory work had to be completed first and the South American nation eventually set the 14 April date to welcome bids.