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Exxon to focus on exploring and appraising more of Stabroek Block before licence expires in 2027 – Routledge
Kaieteur News- ExxonMobil Guyana Limited plans to focus on exploring and appraising untapped areas of the Stabroek Block before its exploration licence expires in October 2027. This was revealed by ExxonMobil Guyana President, Alistair Routledge, during an episode of ‘Energy Perspectives’ aired on Sunday.
The licence, originally set to expire in October 2026, was extended by one year to 2027. This extension allows ExxonMobil and its partners, Hess Corporation and CNOOC Petroleum Guyana Limited, to continue exploration and development activities.
ExxonMobil Guyana President, Alistair Routledge (Exxon to focus on exploring)
Routledge explained that while the company continues to set records with its development wells, exploration remains a priority as the clock ticks on the current licence. He stated, “Just as in 2024 and 2023, the majority of the wells will be on the development side… But as the exploration licence continues through till October 2027, we still want to focus on what may still be plays or opportunities that we can explore for and appraise before the end of the prospecting licence.”
He also spoke about the ranger discovery, a carbonate rock find made a few years ago, stating that it will play a pivotal role in Exxon’s plans for 2025. Routledge described the discovery as challenging compared to sandstone resources, which have been the primary focus of the company’s developments thus far.
“It’s more challenging… It takes a lot more effort to go through the geoscience data that we’ve gathered from the wells that we’ve already drilled,” he said. He also noted that Exxon is analyzing data from nearby exploratory wells to assess how these resources can be combined into a potential development project.
There are over 30 significant discoveries made by Exxon in the Stabroek Block since 2015. Currently, oil is being produced from three developments: Liza Phase 1, Liza Phase 2 and Payara. Next year, Exxon’s largest deepwater project to date in Guyana will commence oil production.
Similar to comments made by Routledge, recently, President of ExxonMobil Upstream Company, Liam Mallon, said that the company is confident it will capture all remaining opportunities in the Stabroek Block offshore Guyana before its exploration licence expires.
Reflecting on the company’s progress since the initial 2015 oil discovery, Mallon highlighted the remarkable pace of development. “It is absolutely extraordinary. You know, my smile beam…when I talk about this, but it is extraordinary to think about 2015 was the discovery and here we are today, producing 660,000 barrels a day, gross at an incredible pace, on an incredible resource with credible people,” he stated.
Stabroek Block.
Notably, the Stabroek Block Petroleum Agreement requires relinquishment of non-commercial areas at the end of the exploration period. Speaking on this, Mallon assured that this obligation is manageable.
“We feel very confident that the area that is subject to relinquishment, which, as a reminder, excludes all the areas we’ve declared commercial and excludes the inaccessible, 30%, is relatively small and very manageable,” he explained.
He underscored that ExxonMobil has been operating a six-rig drilling programme in the Stabroek Block, with two to three rigs focused on exploration and appraisal. This effort ensures that all necessary data is gathered to optimize resource capture before relinquishment.
(Exxon to focus on exploring and appraising more of Stabroek Block before licence expires in 2027 – Routledge)
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