ExxonMobil has been granted a 1-year extension to the Stabroek block exploration license offshore Guyana to October 2027, according to partner Hess Corp.
Additionally, the end of the first renewal period of the exploration license, which requires the relinquishment of 20% of the acreage not held by discoveries, was extended 1 year to October 2024, Hess said July 26 as part of its quarterly earnings release.
Both extensions are a result of force majeure due to the COVID-19 pandemic, Hess said.
Earlier this month, the operator was granted environmental authorization by the Environmental Protection Agency of Guyana for a 35-well exploration and appraisal drilling campaign on the block (OGJ Online, July 5, 2023).
Gross recoverable resource for Stabroek block is estimated to be about 11 billion boe.
ExxonMobil affiliate Esso Exploration and Production Guyana Ltd. is operator and holds 45% interest in the Stabroek block. Hess Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Ltd. holds 25% interest.