ExxonMobil’s proposed 35-well campaign will extend exploration in Guyana’s Stabroek Block through 2033, but Rystad Energy says new project sanctions offer the country greater long-term upside than further increases from producing facilities.
The research firm said continued drilling will remain important as the basin matures and the frequency of giant discoveries declines.
“Guyana’s biggest future upside lies in accelerating new project sanctions rather than further debottlenecking existing facilities,” Rystad Energy stated in its LatAm Upstream Pulse published July 15. “As the basin matures and giant discoveries become less frequent, drilling scale and prospect inventory will be crucial to sustain growth.”
Rystad Energy identified ExxonMobil’s proposed campaign as one of five major developments that shaped Latin America’s upstream sector in June. The LatAm Upstream Pulse is a monthly commentary series covering market-moving developments, project milestones, and strategic trends across the region.
The firm placed the campaign within Guyana’s expanding exploration runway. It would allow ExxonMobil and its partners to continue testing and appraising prospects between 2028 and 2033.
According to project documents submitted to the Environmental Protection Agency (EPA), ExxonMobil Guyana Limited has proposed drilling up to 35 exploration and appraisal wells. The campaign is expected to begin in the second quarter of 2028 and continue through the fourth quarter of 2033. Their locations and drilling priorities could change as new subsurface data become available.
Natural Resources Minister Vickram Bharrat told OilNOW that the campaign will focus on appraising existing discoveries that could support future developments, rather than searching for new resources. He said acreage linked to discoveries can be retained beyond the Stabroek Block’s substantive exploration period, while areas not associated with discoveries or development activities are subject to relinquishment. Separate provisions apply to acreage under force majeure because of Venezuela’s claim to Guyana’s Essequibo region.
ExxonMobil operates the Stabroek Block with co-venturers Hess (owned by Chevron) and CNOOC. The group has discovered 11 billion barrels of oil equivalent resources since the Liza discovery in 2015.
