The ExxonMobil company has exited the Kaieteur Block offshore Guyana and intends to focus on its oil production in the Stabroek Block.
In a statement, the company said, Ratio Guyana Limited is anticipated to assume the role as operator in the block that spans 3.3 million acres.
Exxon said its exploration efforts and discovery of oil in the Kaieteur Block have highlighted Guyana’s offshore potential.
It clarified, however, that its withdrawal is not an indication that it does not intend to explore other developments. In fact, the oil giant said it intends to accelerate developments in the Stabroek Block.
“Our withdrawal from the Kaieteur Block has no impact on our commitment to seeking further exploration and development opportunities and to generating additional value for the government and people of Guyana. This includes our accelerated development and production in the Stabroek block, where we are targeting six FPSOs by the end of 2027, bringing Guyana’s production capacity to more than one million barrels per day,” ExxonMobil said.
Exxon had discovered oil in the Kaieteur Block, however, it was deemed not to be of commercial value.
The discovery was made at the Tanager-1 well, but turned out to be of no commercial value unlike the discoveries in the nearby Stabroek Block.