By INEWS
Following a recent article published in the media concerning the 20% relinquishment of the Stabroek Block by the operator, ExxonMobil Guyana Limited (EMGL), the ministry wishes to confirm that it has, in partnership with the Guyana Geology and Mines Commission (GGMC), completed its review of EMGL鈥檚 relinquishment proposals of the renewal of the Stabroek Block Petroleum Exploration License.
An area of 2,534 km虏 has been relinquished back to Guyana. This was agreed upon between the Government of Guyana and the Stabroek Block operator, and is entirely in keeping with the legal provisions outlined in the Petroleum Activities Act (PAA) and other processes critical to the completion of this process.
Furthermore, the ministry wishes to state that the legal aspect of the renewal is also complete, which involved the final compliance checks and drafting of applicable regulatory instruments.
Importantly, the 20% relinquished area excludes 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 the Stabroek Block operator, 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. Notably, EMGL has provided an updated discovery area and other technical requirements to the MNR and GGMC.
The MNR and GGMC continue to work diligently to ensure that all petroleum operations executed by EMGL and its partners are conducted in keeping with the requirements of the PAA, the Stabroek Block Petroleum Agreement and in line with international best practices.