THE Government of Guyana has officially confirmed the completion of the 20 per cent relinquishment of the Stabroek Block by operator ExxonMobil Guyana Limited (EMGL), in accordance with the legal framework outlined in the Petroleum Activities Act (PAA).

According to a statement from the Ministry of Natural Resources, the relinquishment process was concluded following a comprehensive review conducted jointly with the Guyana Geology and Mines Commission (GGMC). As part of the renewal of the Stabroek Block Petroleum Exploration License, an area measuring 2,534 square kilometres has now been returned to the State.
This move was part of the legal obligations tied to the license renewal and marks a significant step in managing the country’s offshore resources more efficiently. The Ministry further clarified that the relinquished area does not include zones currently involved in oil production, appraisal activities, or those already declared commercial discoveries.

The legal review of the renewal process has also been completed, including final compliance checks and the drafting of all necessary regulatory instruments.
Since the first discovery in 2015, the Stabroek Block has been the site of numerous hydrocarbon finds. These are currently being assessed by ExxonMobil and its partners to determine their commercial viability. Under the rules, non-commercial discoveries must be relinquished, while potentially commercial discoveries may be retained for continued appraisal.

EMGL has already submitted updated technical data and discovery area maps to the Ministry and the GGMC as part of this process.
The Ministry assured that both it and the GGMC will continue to closely monitor ExxonMobil’s activities to ensure compliance with the PAA, the terms of the Stabroek Block Petroleum Agreement, and international best practices in petroleum governance.

This development highlights Guyana’s efforts to balance the exploitation of its natural resources with effective regulation and oversight to safeguard national interests.