The Ministry of Natural Resources (MNR) wishes to respond to an article published in the Kaieteur News’ April 23, 2025 edition headlined, “Hess to return 94% net undeveloped acreage in Guyana, Suriname within next 3 years……as 20% relinquishment of Stabroek Block now 7 months behind deadline.”
In relation to the Stabroek Block and the requirements for relinquishment, it is critical that the public is made aware of the facts. In this regard, the ministry in collaboration with the Guyana Geology and Mines Commission (GGMC), 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% of the available contract area, excluding any areas related to discoveries, appraisals, or production activities.
Since 2015, the Stabroek Block has been the site of multiple significant discoveries, which are now undergoing evaluation and appraisal to determine their commercial potential. The discoveries are classified as either 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.
EMGL has provided an updated discovery area and other technical requirements to the MNR and GGMC and this is 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, between the MNR and EMGL, to be relinquished.
The MNR and GGMC continue to work diligently in assessing the extent of these discovery areas in order to finalize the relinquishment requirements and this will be completed shortly, all while following the requirements of the Petroleum Activities Act and the Stabroek Petroleum Agreement.
The ministry remains committed to ensuring that the exploration and management of Guyana’s natural resources continues in a responsible and transparent manner, with due consideration for the environmental and economic impacts of all such activities.
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