Latest update March 13th, 2026 12:35 AM
ExxonMobil eyeing new discovery at Goatfish-1 well
(Kaieteur News) – ExxonMobil Guyana Limited (EMGL) is currently conducting exploration drilling operations at the Goatfish-1 well site, targeting a new discovery in the prolific Stabroek Block.
Already, ExxonMobil has made 46 discoveries across the 26,000 square kilometers-block. In 2025, the company did not announce any new discoveries for the year, despite its ongoing exploration and appraisal activities.
The Goatfish-1 well, according to the Maritime Administration Department (MARAD) is situated approximately 110 nautical miles or 203.8 kilometers off the coast of Guyana. It covers an area of 0.29 square nautical miles or one square kilometer.
This newspaper understands that the Noble Sam Croft drill ship will be used for the exploration activity, which is slated to conclude on March 31, 2026.
Map of the Stabroek Block showing a few discoveries announced by Exxon.
In the meantime, MARAD has advised all mariners to stay clear of the vessel and avoid with extreme caution when in the vicinity.
To date, ExxonMobil has discovered over 11.6B barrels of oil in the Stabroek Block. The company made its first commercial discovery in 2015 and has since unlocked major finds, positioning Guyana as one of the world’s top oil producers.
Notably, Exxon has not offered any update to the media on its exploration campaign for this year. In a brief engagement, a spokesperson for ExxonMobil confirmed that the company is pursuing the new well. She said, “Goatfish-1 was spud on the Sam Croft in the South-East part of the Stabroek block.”
The company is required to supply the Ministry of Natural Resources with its plan for the year, accompanied by a budget, in keeping with the contractual terms of the 2016 Production Sharing Agreement (PSA).
Guyana has been paying Exxon millions of US-dollars to explore the basin for hydrocarbons, a cost which experts argue should not be borne by the state. Up to 2024, Guyana received an exploration bill of about US$2.3B from Exxon. Be that as it may, the two partners have been at odds regarding the oil reserves in Stabroek.
In April 2022, Exxon said the reserves in the Stabroek Block totaled 11 billion barrels. After mounting public pressure, two years and eight discoveries after the last resource update, government said this grew to 11.6B. Notably, although Exxon supplies government with data, the company said its estimate of the resources was lower than 11B barrels.
President of EMGL, Alistair Routledge explained, “The government released a number of 11.6B oil equivalent barrels, ExxonMobil’s estimate is lower than that number…our number remains a little under 11 billion oil equivalent barrels.”
Meanwhile, in explaining the variation between Exxon’s figures compared to the reserves announced by government, Routledge noted that the State conducts independent studies, although it is supplied with data by the company.
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