Latest update June 10th, 2026 12:35 AM
Latest News
WoodMac crowns ExxonMobil ‘most admired upstream explorer’ backed by development success in Guyana
Guyana’s Stabroek Block
Kaieteur News – American oil giant, ExxonMobil Corporation, has clinched the top spot as the upstream industry’s most-admired explorer, particularly based on its decade-long exploration and development success in Guyana’s Stabroek Block.
This was disclosed by Wood Mackenzie, one of the leading firms on comprehensive petroleum data, in a release dated June 12, 2025.
Announcing the results of Wood Mackenzie’s annual exploration survey for 2025, Andrew Latham said, “ExxonMobil’s win as the most-admired explorer for 2025 is well-deserved.”
The awards ceremony was held alongside Wood Mackenzie’s exploration summit in Bordeaux to recognise industry leaders based on peer admiration.
Chief Executive Officer (CEO) of ExxonMobil Corporation, Darren Woods
Exxon copped the most-admired explorer award. It was highlighted that the American oil major found over 8 billion barrels of new field resources on a net equity basis since 2015, which is more than any other company over the decade.
ExxonMobil is the parent company of ExxonMobil Guyana Limited (EMGL), the operator of the Stabroek Block which holds a 45 percent interest, while Hess Guyana holds 30 percent interest and CNOOC Petroleum Guyana Limited with 25 percent interest.
Latham stated that based on Exxon’s decade-long exploration and development success particularly in Guyana, ExxonMobil has created almost US$30 billion in value.
Further, he noted, “The company has set a new benchmark in opening up a deep-water frontier at pace. Congratulations to John Ardill and the entire exploration team.”
The Stabroek Block, located about 120 miles offshore Guyana, spans 6.6 million acres. Oil production in Guyana’s Stabroek Block began in December 2019. Since then, production has grown to 650,000 barrels per day (bpd) from three sanctioned projects; Liza Phase 1, Liza Phase 2, and Payara. This output is set to increase with the imminent start-up of Yellowtail, the fourth development, later this year.
Exxon already has two other sanctioned projects under its belt, the Uaru and Whiptail. The company has already submitted the Environmental Impact Assessment (EIA) for its seventh project, Hammerhead, with production targeted for 2029. The company has also filed an application for an eighth development named Longtail.
Moreover, it was explained that by providing insights into the world of exploration, Wood Mackenzie’s annual exploration survey takes the pulse of the industry to help shed light on the key challenges and opportunities in the exploration sector. This cornerstone industry survey addresses critical questions about the nature of exploration, untapped potential, noteworthy drilling activities, and the commercial attractiveness of wildcat wells.
“Global exploration drilling continues to target advantaged resources to help meet demand for cheaper and cleaner oil and gas supply,” said Latham.
He added, “Drilling around existing infrastructure has a role to play but these prospects are not sufficient. The most successful explorers must embrace greater risks to open up new plays and basins that promise greater resources.”
Moreover, Latham said, “As the sector evolves to become more resilient and sustainable, these award-winning companies continue to discover advantaged resources. These discoveries can displace less sustainable and more costly oil and gas supply, accelerating the journey to energy transition.”
The 2025 Exploration Survey underscores the industry’s commitment to sustainable exploration practices, highlighting the crucial interplay between exploration data, industry trends, and value creation in the evolving energy landscape.
Share this:
Discover more from Kaieteur News
Subscribe to get the latest posts sent to your email.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Sir. Ronald Sanders
The GHK Lall Column
Weekend Cartoon
