Shell’s Chief Executive Officer, Wael Sawan said the company’s decision to exit Guyana remains a missed opportunity, as he reflected on portfolio choices during Shell’s fourth-quarter 2025 earnings call on February 6.
Speaking during the call, Sawan was responding to a question from Wolfe Research about whether Shell had underinvested in its legacy assets and how it plans to address future growth. “I wish we hadn’t walked away from Guyana when we did. That’s the honest truth,” Sawan said.
Exxon’s risk and Shell’s multi-billion-dollar missed opportunity in Guyana’s Stabroek Block | OilNOW
Shell previously held a 50% stake in Guyana’s Stabroek Block alongside ExxonMobil but exited the asset in 2014, before a string of major discoveries beginning with Liza in 2015.
ExxonMobil and its co-venturers Hess (acquired by Chevron) and CNOOC have since unlocked one of the world’s most significant deepwater oil provinces.
Shell would have brought much-needed competition to the Guyana basin by throwing in a bid in the country’s first licensing round. But when the bids were opened on September 12 back in 2022, the major’s name was noticeably absent. Shell was among the top rankers that eyed Guyana when the bid round was launched.
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Sawan said Shell is now focused on maximizing value from assets already in its portfolio while pursuing opportunities that offer long-term reliability and trust with host countries.
“We will leverage the strength of this company to be able to be out there to partner with the likes of Venezuela, with the likes of Libya, with the likes of Iraq, with the likes of Kuwait and others as they look to be able to open up with partners that they trust and partners that have worked with them for a long, long time,” he said.
The CEO added that Shell is prioritizing disciplined growth, reservoir performance, and selective investments, noting the company has time to pursue opportunities that meet its value threshold rather than rushing into deals.
