Guyana will offer 14 offshore exploration blocks under terms that "signiocantly" increase its share of oil revenue, the South American nation's vice president said on Thursday. Officials this week approved an oil lease auction with timing details to be disclosed by the Ministry of Natural Resources. The auction will include three deepwater and 11 shallow-water exploration blocks, Vice President Bharrat Jagdeo said in an address. A new proot-sharing agreement that will cover future oil production agreements is under development and will be onalized before the auction ends, he said. It will include a 50/50 split of oil proots and tack on a 10 royalty rate and a 10 corporate tax rate.
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