Latest update July 24th, 2026 12:30 AM
Latest News
- MV Barima Disaster… 72 confirmed dead
- Parliament must determine COI’s composition for MV Barima probe – Dr. Campbell
- Nine victims of MV Barima tragedy laid to rest
- Transparency Int’l Guyana demands IMO probe of MV Barima tragedy
- Police detain, then apologise to, peaceful protesters at national vigil for MV Barima victims
Exxon jumps on another exploration well to be paid for Guyana
(Kaieteur News) – ExxonMobil Guyana Limited (EMGL) is hoping to land more sweet light crude in Guyana’s prolific Stabroek Block at its ongoing drilling of another exploration well, Goby-1.
In a notice, the Maritime Administration Department (MARAD) revealed that the exploration activity is expected to conclude by 31st July, 2026.
Exxon will be using the MODU Noble Stena Carron for the operations. The Goby-1 well site is located approximately 117.2 nautical miles or 217.1 kilometers offshore Guyana. It covers an area of 0.29 square nautical miles or one square kilometer.
Guyana’s maritime body has instructed mariners to stay clear of vessels in the area and navigate with extreme caution when in the vicinity.
Map of the Stabroek Block showing a few discoveries announced by Exxon.
This is the third exploration well advertised so far for the year by ExxonMobil.
Last week, Kaieteur News reported that the company embarked on exploration drilling operations at the Barreleye-3 well site in Stabroek. That activity will run from 13th June, 2026 to 31st August, 2026.
The Barreleye-3 well site is situated approximately 105.2 nautical miles (194.9 kilometres) off the coast of Guyana and covers an area of 0.29 square nautical miles (one square kilometre).
In February, it was reported that Exxon was conducting exploration drilling operations at the Goatfish-1 well site, targeting a new discovery.
To date, ExxonMobil has already made 46 discoveries in the Stabroek Block, since the first discovery in 2015.
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.
Notably, oil-producing states around the world, including neighbouring Suriname have blocked oil companies from recovering costs spent to hunt for oil. Guyana on the other hand, not only allows Exxon to recover costs for wells successfully drilled, but even dry holes encountered in the process.
The sweetheart deal signed by ExxonMobil in 2016 allows the company to recover costs related to its exploration activities, even if those efforts do not produce oil.
This provision, along with several others, have been criticised by both local and international experts in the past, who are adamant that all companies take on financial risks as the cost of doing business where they operate.
While the company racks up billions in exploration expense, shortening profits that should flow into Guyana’s account, the country is kept in the dark regarding the oil giant’s annual hunt for oil.
The Stabroek oil deal requires the operator to not only submit its yearly exploration plans to the government of Guyana (GoG), but an annual budget to meet its work programme.
This information is concealed by the government while the nation’s oil revenue is shortened to meet this expenditure.
During its most recent engagement with the media on 9th June, 2026, ExxonMobil was asked for an update on its exploration plans for the year but did not provide a comment. The company’s Vice President and Business Services Manager, John Colling explained to the media that he was only prepared to address the company’s 2025 financial performance.
Share this:
Discover more from Kaieteur News
Subscribe to get the latest posts sent to your email.
Similar Articles
Blunt of the day
Sports
Features/Columnists
Sir. Ronald Sanders
The GHK Lall Column
Weekend Cartoon
