Exxon affirms it will relinquish portion of Stabroek Block in October

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ExxonMobil is set to relinquish 20% of the 6.6-million-acre Stabroek Block in October, as required by its petroleum agreement with the government. 

Alistair Routledge, President of ExxonMobil Guyana, affirmed the company will relinquish acreage to the government, in an April 30 press conference. 

Asked whether the company has identified the area to be relinquished, Routledge said “We have a good idea, but we haven’t finalized that. And obviously, we have to work with the government on the calculation of what the 20% represents.” 

Following the identification of the acreage, Routledge said, the government’s confirmation will be sought that it aligns with the contract. 

ExxonMobil is operator of the Stabroek Block and holds a 45% stake, alongside Hess (30%) and CNOOC (25%). Exxon produced 613,000 barrels per day (b/d) in the first quarter at the Stabroek Block. The co-venturers have sanctioned enough projects to increase output to 1.3 million b/d by 2027. They are also executing a 35-well exploration and appraisal campaign for several years. 

Guyana Vice President Bharrat Jagdeo had said in 2023 that the government is mulling a second offshore auction and that the relinquished portion of Stabroek may be included. A review of Guyana’s offshore model contracts is also on the cards.

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