The Government of Guyana, through the Ministry of Natural Resources (MNR), has confirmed that the 20 per cent relinquishment of the Stabroek Block by the operator, ExxonMobil Guyana Limited (EMGL), has been completed.
Following a thorough review process conducted jointly with the Guyana Geology and Mines Commission (GGMC), the government has approved the relinquishment of an area totalling 2,534 square kilometres back to the State. This action is in full compliance with the Petroleum Activities Act (PAA) and the provisions stipulated in the Stabroek Block Petroleum Exploration License.
In a press release, the Natural Resources Ministry stated that the relinquished acreage excludes any zones associated with oil and gas discoveries, ongoing appraisals, or production operations, thereby ensuring no disruption to commercially viable projects.
Since its inception in 2015, the Stabroek Block has been the site of multiple significant hydrocarbon discoveries, which are currently being evaluated to ascertain their commercial potential.
The Ministry noted that discoveries classified as non-commercial must be included in the relinquishment calculation, while potentially commercial discoveries remain under the operator’s control. EMGL has submitted updated technical data to the Ministry and GGMC as part of this process.
The Natural Resources Ministry and the GGMC, in the release, reaffirm their commitment to ensuring that all petroleum activities within the Stabroek Block are conducted under the highest standards, abiding by the Petroleum Activities Act, the terms of the Petroleum Agreement, and international best practices.
