The Ministry of Natural Resources has announced that in conjunction with the Guyana Geology and Mines Commission (GGMC), it has completed the review of ExxonMobil Guyana Limited’s (EMGL’s) relinquishment proposals of the renewal of the Stabroek Block Petroleum Exploration License.
An area of 2,534 km² has been relinquished back to Guyana, the Natural Resources Ministry said in a statement last night.
It said the relinquished area is based on an agreed position reached between the Government of Guyana and the Stabroek Block operators, and is also in keeping with the legal provisions outlined in the Petroleum Activities Act (PAA).
“The legal aspect of the renewal is also complete, which involved the final compliance checks and drafting of applicable regulatory instruments,” the Natural Resources Ministry said.
The 20% relinquished area excludes any areas related to discoveries, appraisals, or production activities, the ministry clarified.
Since 2015, the Stabroek Block has been the site of multiple significant discoveries, which are now undergoing evaluation and appraisal to determine their commercial potential. The discoveries are classified as either potentially commercial or non-commercial, following a comprehensive process conducted by the Stabroek Block operator, based on studies and appraisal activities.
Non-commercial discoveries have to be included in the relinquishment calculation, while potentially commercial discoveries do not need to be relinquished.
Exxon, the Natural Resources Ministry said, has also submitted an updated discovery area and other technical requirement.
It said it will continue to work diligently with GGMC to ensure that all petroleum operations executed by Exxon and its partners are conducted in keeping with the requirements of the PAA, the Stabroek Block Petroleum Agreement and in line with international best practices.
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