The Government of Guyana on Wednesday confirmed that ExxonMobil Guyana Limited (EMGL) has completed the relinquishment of 20 per cent of the Stabroek Block, returning 2,534 square kilometers to the state in accordance with national legislation.
The Ministry of Natural Resources (MNR), in collaboration with the Guyana Geology and Mines Commission (GGMC), said the review of Exxon’s relinquishment proposal under the renewal of the Stabroek Block Petroleum Exploration License has been finalised.
The relinquished acreage does not include areas associated with production, appraisal, or discoveries, the ministry said in a statement.
“The legal aspect of the renewal is also complete, which involved the final compliance checks and drafting of applicable regulatory instruments,” the statement added.
Since 2015, the Stabroek Block has yielded multiple oil discoveries, which are currently undergoing assessment to determine commercial viability. Under the Petroleum Activities Act (PAA), non-commercial discoveries must be relinquished, while potentially commercial areas can be retained by the operator.
Exxon has submitted updated technical data and discovery outlines to the MNR and GGMC as part of the relinquishment process.
Authorities said they will continue to ensure that all petroleum activities comply with the PAA, the Stabroek Block agreement, and international best practices.
The Stabroek Block, operated by Exxon in partnership with Hess Corp and China’s CNOOC, spans approximately 26,800 square kilometers offshore Guyana.
