The Ministry of Natural Resources has confirmed that ExxonMobil Guyana Limited (EMGL) has completed the relinquishment of 20% of its stake in the Stabroek Block.
The ministry, in collaboration with the Guyana Geology and Mines Commission (GGMC), said it completed a thorough review of EMGL’s proposals regarding the renewal of the Petroleum Exploration License for the Stabroek Block. As part of this process, an area totaling 2,534 square kilometers has been formally relinquished back to Guyana. This decision was made amicably between the Government of Guyana and EMGL and aligns fully with the legal provisions outlined in the Petroleum Activities Act (PAA) and other relevant regulations.
The ministry emphasized that the legal procedures required for the renewal process are now finalized. This included comprehensive compliance checks and the drafting of all necessary regulatory instruments. Importantly, the relinquished area excludes any regions associated with discoveries, appraisals, or ongoing production activities.
Since 2015, the Stabroek Block has been a focal point of notable oil discoveries, which are currently under evaluation to determine their commercial viability. These discoveries are classified into either potentially commercial or non-commercial categories, a process driven by detailed studies and appraisal activities conducted by EMGL.
Any discoveries identified as non-commercial are included in the relinquishment calculation, while those deemed potentially commercial are exempted from relinquishment. EMGL has also provided updated information regarding discovery zones and other technical details to the Ministry and GGMC to support ongoing assessments.
The Ministry of Natural Resources reassured that all petroleum operations by EMGL and its partners are being carried out diligently, in strict accordance with the Petroleum Activities Act, the Stabroek Block Petroleum Agreement, and international best practices.
