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Exxon extends contract for Stena drill rig to Dec. 2025
The Stena Carron
Kaieteur News – ExxonMobil Guyana Limited (EMGL) has extended its contract with Stena for the Stena Carron drill rig which has been operating offshore Guyana in the prolific Stabroek Block.
According to Stena, in January 2025 a new contract extension was signed with Exxon until December 2025, with an option for further extension.
This publication had reported that Exxon had contracted four drill rigs from Noble: Noble Tom Madden, Noble Sam Croft, Noble Don Taylor, and Noble Bob Douglas and two from Stena: Stena DrillMAX and Stena Carron.
However, earlier this year the Stena DrillMAX completed its work programme with Exxon. StenaDrillMAX joined Exxon’s Guyana fleet back in 2021. Last October, Stena DrillMAX arrived back in Guyana, to resume work for ExxonMobil after exploration drilling offshore Canada.
In September 2024, it was announced that ExxonMobil has extended its contract with American offshore drilling company Noble Corporation for four of its drill ships to work in the Stabroek Block.
According to Noble, ExxonMobil has awarded 4.8 additional rig years of backlog under the Commercial Enabling Agreement (CEA) which has been assigned evenly across the four drill ships: Noble Tom Madden, Noble Sam Croft, Noble Don Taylor and Noble Bob Douglas, extending each rig’s contract duration from June 2027 to August 2028.
In May 2023, Noble announced that ExxonMobil Guyana had extended their contract for the rental of the four ultra-deep-water drill ships to work in Guyana until second quarter of 2027. Notably, the drill rigs cost an average of US$420,000 (GYD$84 million) to US$500,000 (GYD$100M) per day for each ship, based on current market-rate. Market-rate changes twice per year – March and September.
To date, Exxon has obtained approval from the Government of Guyana for six development projects in the Stabroek Block – Liza Phase One, Liza Phase Two, Payara, Yellowtail, Uaru and Whiptail. The first three projects are already producing oil at a daily estimated rate over 600,000 barrels per day (bpd).
Exxon has been on an extensive drilling operation in the Stabroek Block. Yellowtail is expected to come onstream later this year and Uaru and Whiptail to follow in the coming years.
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