Four more oil discoveries in Guyana likely to go “above and beyond what we thought were opportunities” – Exxon CEO

Aug 16, 2026 News

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(Kaieteur News) – With 46 significant oil discoveries already made in the prolific 24,000 square kilometer Stabroek Block, ExxonMobil believes there are four more discoveries likely to be made that can exceed the company’s imagination.

Shareholders of the company were briefed on the potential discoveries by Chief Executive Officer (CEO) and Chairman of ExxonMobil, Darren Woods during the second quarter earnings call on July 31, 2026.

While responding to a shareholder on the use of Artificial Intelligence (AI) tools and generating prospects with specific regard to exploration in Guyana, Woods explained that a large portion of the Stabroek Block is in force majeure given the Guyana-Venezuela border controversy that is currently before the International Court of Justice (ICJ).

He said, “We’ll see what happens there. We feel there’s an opportunity then to start shooting seismic and understand what that acreage potentially holds. And we’ve got more work to do in the acreage that we’ve already shot and the work that we’ve been doing.”

Additionally, he reminded that Exxon has put increased effort into AI and training models. To this end, Woods said, “based on what we found already, all the drilling that we’ve done, the characterisation of that subsurface, and unleashed that in the rest of the block and have four new discovery opportunities above and beyond what we thought were opportunities. So, we’re optimistic there.”

He noted that there was still a lot more work required to confirm the discoveries but assured investors, “we’re not done yet in Guyana and we see – continue to see a really bright future there.”

Woods pointed out that there was still a lot of acreage sitting for the company to take advantage of. As such, he informed investors that the company is continuing to look for opportunities as AI helps to identify areas not previously identified for exploration.

“So, I would tell you this thing – the tape hasn’t run out on this play yet and we’re going to continue to evaluate that and see what we can get from it. But I mean, you can rest assured the organisation is very focused on maximising the value of that acreage for the benefit, obviously, of ExxonMobil. But more importantly, for Guyana, the government of Guyana, the people of Guyana,” Woods explained.

ExxonMobil has made 46 discoveries in the Stabroek Block since its first commercial discovery in May 2015.

According to the company’s financials, ExxonMobil Guyana Limited (EMGL) has spent about US$2.4B in exploration activities as at the end of 2025. This was more than the royalty Guyana received up to the end of 2025 since it began producing oil in 2019.

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 June 9, 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.

Nevertheless, Kaieteur News has reported that ExxonMobil commenced exploration drilling at four sites in Stabroek for the year. Exxon has submitted plans to the GoG for a massive 35-well campaign that is still pending approval.

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• Artificial intelligence, ExxonMobil, Guyana Oil, oil discoveries, oil exploration, Stabroek Block

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