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Exxon to return portion of Stabroek Block to State: here’s what’s not included

OilNOW -
ExxonMobil is set to relinquish a portion of the 6.6-million-acre Stabroek Block in October, as it moves on to the final phase of the exploration period. The petroleum agreement governing operations at this block dictates that Exxon should relinquish at...
News

Guyana to contract audit of Exxon’s Stabroek Block 2021-2023 expenses by September 

OilNOW -
Guyana's Minister of Natural Resources, Vickram Bharrat, said the government is on track to issue a contract award in September for the audit of Stabroek Block expenses for the period 2021-2023.  “We’re looking at the same model where we can...
Exploration

Stabroek Block reserve estimate now stands at 11.6 billion barrels – Guyana oil minister

OilNOW -
The ExxonMobil-operated Stabroek Block offshore Guyana is estimated to hold 11.6 billion barrels of oil equivalent resources. Minister of Natural Resources, Vickram Bharrat, shared the updated figure during an August 14 press conference in Georgetown.  It represents the first change from...
News

Stabroek Block profitable even if oil prices dropped by half 

OilNOW -
Guyana has become the bedrock of ExxonMobil’s post-COVID corporate revival, an Aug 1 piece by Bloomberg’s Kevin Crowley outlined.  The Texas oil giant is the operator with a 45% stake in the Stabroek Block, a vast oil field spanning 6.6...
News

Exxon looking to acquire seafloor seismic services for Stabroek Block

OilNOW -
ExxonMobil is looking to secure seafloor seismic services to enhance its activities at the Stabroek Block offshore Guyana where it has found more than 11 billion barrels of oil equivalent resources since 2015.  The company in a public request...
News

Stabroek Block operator ExxonMobil tops June 2024 charts for global market cap.

OilNOW -
Texas-based oil major ExxonMobil, operator of Guyana’s Stabroek Block ranks number one on global charts for June 2024, based on market capitalization among the top oil companies in the United States. Market capitalization, sometimes referred to as market cap,...
News

Caribbean Court third in a row to quash activist lawsuit against Stabroek Block permit 

OilNOW -
The Caribbean Court of Justice (CCJ) dismissed an appeal filed by Guyanese citizen Ramon Gaskin challenging a local judgment that determined the Stabroek Block partners did not require separate licenses to operate offshore.  Gaskin’s initial application sought to quash the...
News

Jaguar FPSO launched, on track for delivery to Stabroek Block 

OilNOW -
Chinese shipyard Shanghai Waigaoqiao Shipbuilding (SWS) has launched the Jaguar Floating Production Storage and Offloading vessel (FPSO) being constructed for ExxonMobil’s Whiptail development.  SWS announced on Friday that the vessel, a Multipurpose Floater 5 (MPF5), was launched and is on track...
News

Hammerhead tapped as Exxon’s seventh Stabroek Block development 

Shikema Dey -
ExxonMobil has selected Hammerhead as its seventh development in Guyana’s Stabroek Block.  The company filed for environmental authorization on June 25. The development is expected to target between 120,000 and 180,000 barrels per day (b/d).  Unlike the previous developments, Hammerhead is expected...
News

Stabroek Block cost recovery to exceed US$30 billion in 2024

Kemol King -
Cost recovery for investments into the Stabroek Block petroleum operations are set to accumulate to approximately US$31 billion by the end of 2024.  The Stabroek Block Production Sharing Agreement, inked by the Guyana government, ExxonMobil, Hess and CNOOC, allows the...
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Guyana gov’t tables Oil Spill Bill in Parliament

The Government of Guyana on Monday tabled the long-anticipated Oil Pollution Prevention, Preparedness, Response, and Responsibility Bill 2025 in...

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