ExxonMobil Relinquishes Over 2,500 KM² of Stabroek Block to Guyana as Part of License Renewal
Antonio Day | HGP Nightly News
The Ministry of Natural Resources has announced that, in collaboration with the Guyana Geology and Mines Commission (GGMC), it has finalized the review of ExxonMobil Guyana Limited’s relinquishment proposals tied to the renewal of the Stabroek Block petroleum exploration license.
As part of this process, 2,534 square kilometers have been relinquished to the State under the terms previously agreed upon between the Government of Guyana and the Stabroek Block operator. The Ministry emphasized that this handover is fully compliant with the Petroleum Activities Act and other regulatory procedures.
Notably, the relinquished area does not include regions where discoveries, evaluations, or production activities are underway, thereby protecting active development zones.
The Ministry also confirmed that all legal and compliance checks have been completed, and the necessary regulatory instruments have been drafted, signaling the end of the legal phase of the license renewal process.
Since 2015, the Stabroek Block has been the site of multiple significant oil discoveries, which are currently being evaluated to determine their commercial viability. Discoveries are classified as commercial or non-commercial based on thorough studies and appraisal activities conducted by ExxonMobil.
A source close to the negotiations confirmed that ExxonMobil has agreed to a 20% relinquishment of the licensed area as stipulated, marking a key milestone in maintaining transparency and regulatory compliance in Guyana’s oil sector.
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