Latest update January 30th, 2026 6:26 AM
Govt. now says 20% of Stabroek Block relinquished by Exxon
Kaieteur News- The Government of Guyana, through the Ministry of Natural Resources (MNR), announced on Wednesday night that the long awaited relinquishment of 20% of the Stabroek Block by ExxonMobil Guyana Limited (EMGL) has been completed.
The deadline was October 2024.
“…the ministry wishes to confirm that it has, in partnership with the Guyana Geology and Mines Commission (GGMC), completed its review of EMGL’s relinquishment proposals of the renewal of the Stabroek Block Petroleum Exploration Licence,” the ministry said in a statement Wednesday night.
Under the terms of the 2016 Production Sharing Agreement (PSA), ExxonMobil is required to return acreage where no commercial discoveries have been made, in production, appraised or areas where there is potential commercial interest. It should be noted that Exxon was required to return a portion of the Block to Guyana since October 2023; however, former President David Granger had granted the company an extension in 2020 to conduct further exploration activities. This extended the deadline to October 2024.
Stabroek Block
The government has agreed with Exxon that a minimum area of 2,534 km² (square kilometer) has been relinquished. The Stabroek Block spans approximately 6.6 million acres, about 26,709 km² (square kilometer), making the agreed relinquishment a minimum of 9.5% of the total block area.
MNR added, “Furthermore, the ministry wishes to state that the legal aspect of the renewal is also complete, which involved the final compliance checks and drafting of applicable regulatory instruments.”
Minister of Natural Resources, Vickram Bharrat
MNR’s announcement follows a Wednesday July 2, 2025 publication by Kaieteur News highlighting that the 20% relinquishment of the block was still pending government approval. The article was attributed to Hess Guyana Exploration Limited, the 30% stakeholder in the Stabroek Block. Hess, in its 2024 financial statements obtained from the Deeds Registry, said, “The end of the first renewal period of the exploration licence in October 2024 which requires the relinquishment of 20% of the acreage not held by discoveries is pending approval by the government of Guyana.”
Before last night’s update, the last update received from the ministry was in April 2025, in response to an article on the relinquishment process. In that statement the ministry said that it was still finalizing the review of the relinquishment.
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- Block to Guyana, Government of Guyana, Guyana Geology and Mines Commission, Ministry of Natural Resources, ommercial discoveries
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