Exxon Mobil Relinquishes Part of Guyana's Stabroek Block

An Exxon Mobil-led oil consortium has returned a significant portion of the Stabroek Block in Guyana to the government, as announced by the Ministry of Natural Resources. This relinquishment, covering 2,534 square kilometers, fulfills a contractual obligation as Exxon transitions into the final exploration phase of the block.

The Stabroek Block is central to Guyana's position as a rapidly growing economic player, housing one of the world's largest oil discoveries in recent history. The final exploration phase by Exxon and its partners, Hess and CNOOC, is projected to conclude by 2027. The relinquishment process, originally expected in October, was delayed due to prolonged negotiations.

The Ministry of Natural Resources highlighted that the returned areas represent about 9% of the Stabroek Block and contain no oil discoveries or active production sites. Additionally, the move accommodates a territorial dispute between Guyana and Venezuela. Guyana plans to auction the relinquished acreage to other companies in the future.

(With inputs from agencies.)