An Exxon Mobil-led oil consortium has returned 2,534 square kilometers of the Stabroek Block in Guyana back to the government, the Ministry of Natural Resources said in a statement on July 3.
The relinquishment is part of a contractual requirement for Exxon to enter the final phase of exploration of the Stabroek Block, which contains one of the world's largest oil discoveries in decades.
It was originally due in October, but talks between Exxon and the government stalled the process. Exxon’s final exploration phase with the Stabroek Block is due to end in 2027.
The block has propelled Guyana to become one of the world's fastest growing economies and has driven profits for Exxon, Hess and CNOOC, the three partners in the consortium that control all oil output in the country.
An Exxon spokesperson confirmed the relinquishment was complete.
The returned areas equate to about 9% of the total size of the Stabroek Block, according to Reuters calculations.
The relinquished portions do not contain any discoveries or production activities, the Ministry said.
The government has also said the relinquishment needed to exclude part of the block Exxon could not explore due to a territorial dispute between Guyana and Venezuela.
Guyana has said it wants to offer the returned acreage to other companies in a future auction.
Recommended Reading
Industry Professional Stephanie Reed Resigns from Tamboran’s Board
2025-04-21 - Stephanie Reed joined Tamboran Resources’ board as non-executive director in September 2023.
Post Oak Closes $764MM Fund Focused on Permian, Utica, Haynesville
2025-06-17 - Post Oak has made commitments to five portfolio companies, with capital deployed in the Permian Basin and Utica and Haynesville shales.
XCL Resources Team Launches X2, Targets Multibillion-Dollar M&A
2025-04-24 - X2 Resources, led by the team behind XCL Resources, is targeting $500 million to multibillion-dollar acquisitions across “premier” oil and gas basins with backing from EnCap and other investors.
Money Talks: UMB Bank on Impacts of Upstream Consolidation
2025-04-21 - Guardrails in place allow banks to support energy businesses through all economic cycles, says Zachary Leard, vice president for the energy group at UMB Bank.
Espada E&P Startup Nabs Carnelian Backing for Onshore M&A Run
2025-06-16 - Espada Energy Partners, backed by Carnelian funds, joins a new wave of startup E&Ps hunting for M&A opportunities.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.