ExxonMobil gives up 20% of Stabroek Block

Last Updated on Thursday, 3 July 2025, 18:06 by Writer

ExxonMobil Guyana has handed back 2,534 square kilometers of the Stabroek Block, the Ministry of Natural Resources said Wednesday night.

Demerara Waves Online News was told that the relinquished acreage consists of several areas due to exploration, production and areas of commercial potential, as well as a part of the north-western area of the block that ExxonMobil cannot explore due to the border dispute with Venezuela. The Venezuelan Navy had chased out two seismic research vessels, which were contracted by Anadarko Petroleum and ExxonMobil, in 2013 and 2018.

The ministry said the legal aspect for the renewal of the Petroleum Exploration Licence is also completed and involved the final compliance checks and drafting of applicable regulatory instruments.

The Guyana government said the relinquished area does not include any areas of commercially viable hydrocarbons or exploration works. “Importantly, the 20% relinquished area excludes any areas related to discoveries, appraisals, or production activities,” according to the statement.

The relinquishment process, the statement said, is in keeping with the Petroleum Activities Act (PAA) and other processes and was agreed to by the government and Exxon.

“Non-commercial discoveries have to be included in the relinquishment calculation, while potentially commercial discoveries do not need to be relinquished.

Notably, EMGL has provided an updated discovery area and other technical requirements to the MNR and GGMC.

The MNR and GGMC continue to work diligently to ensure that all petroleum operations executed by EMGL and its partners are conducted in keeping with the requirements of the PAA, the Stabroek Block Petroleum Agreement and in line with international best practices.”