GEORGETOWN, Guyana, CMC—The Guyana government has denied reports that the US-based oil company Hess is to return 94 percent of its net undeveloped acreage in Guyana and Suriname within the next three years. A significant relinquishment of Stabroek Block is now seven months behind schedule.
The government says it remains committed to ensuring that the exploration and management of Guyana’s natural resources continue responsibly and transparently, with due consideration for the environmental and economic impacts of all such activities.
In a statement, the Ministry of Natural Resources (MNR) said that the public must be made aware of the facts about the Stabroek Block and the requirements for relinquishment.
It said that it is collaborating with the Guyana Geology and Mines Commission (GGMC), which is currently finalizing its review of ExxonMobil Guyana Limited’s (EMGL) application for the renewal of the Stabroek Petroleum Exploration License.
“This renewal marks the commencement of the second renewal period, during which EMGL is required to relinquish 20 percent of the available contract area, excluding any areas related to discoveries, appraisals, or production activities.”
The MNR said that since 2015, the Stabroek Block has been the site of multiple significant discoveries, which are now being evaluated and appraised to determine their commercial potential.
“The discoveries are classified as potentially commercial or non-commercial following a comprehensive process conducted by EMGL based on studies and appraisal activities. Non-commercial discoveries have to be included in the relinquishment calculation while potentially commercial discoveries do not need to be relinquished.”
It said EMGL had provided the MNR and GGMC with an updated discovery area and other technical requirements, which are currently being finalized.
“It must be noted that in keeping with the Petroleum Activities Act and other processes, a minimum area of 2,534 km² was agreed to be relinquished between the MNR and EMGL.
“The MNR and GGMC continue to work diligently in assessing the extent of these discovery areas to finalize the relinquishment requirements, which will be completed shortly, all while following the requirements of the Petroleum Activities Act and the Stabroek Petroleum Agreement.”
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