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Exxon further extends Stena drill rig contract to Dec. 2026
(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.
Stena Carron
Kaieteur News had reported that in January 2025, a new contract extension was signed with Exxon for December 2025, with an option for further extension. In another update, Stena said Exxon further extended the contract for the entirety of 2026.
“In July 2025, a new contract extension was signed with Esso Exploration and Production Guyana Limited for Stena Carron extending this contract until December 31, 2026, with options for further extensions,” the company disclosed.
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 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 its contract for the rental of the four ultra-deep-water drill ships to work in Guyana until the 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 seven development projects in the Stabroek Block – Liza Phase One, Liza Phase Two, Payara, Yellowtail, Uaru, Whiptail and Hammerhead.
The first four projects are already in operation, producing an average 650,000 bpd, with an installed capacity of 900,000 bpd. Construction is underway for the Uaru and Whiptail, with Uaru anticipated to start production in 2026, and Whiptail is anticipated for startup in 2027. Exxon is aiming to bring all eight developments into production by the end of the decade, targeting a combined output of 1.7 million bpd.
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