US supermajor ExxonMobil has officially relinquished 20% of the area of the prolific Stabroek block offshore Guyana.
The decision to return part of Stabroek to the government is outlined in the production sharing contract and refers to the giving up of sections of a block after a stipulated amount of time has elapsed and no commercial discoveries have been made.
According to Guyana’s Ministry of Natural Resources, the 20% area that is being relinquished, which equates to 2534 square kilometres, excludes any section related to discoveries, appraisals or production activities.
“The Stabroek block has been the site of multiple significant discoveries, which are now undergoing evaluation and appraisal to determine their commercial potential,” said the ministry.
ExxonMobil has so far made nearly 50 discoveries in Stabroek that resulted in more than 11 billion barrels of oil equivalent in recoverable resources.
The company is currently producing about 675,000 barrels per day of oil in Guyana via three units — the Liza Destiny, Liza Unity and Prosperity floating production, storage and offloading vessels — in the Liza and Payara fields.
