Exxon returns some Stabroek acreage to Guyana, government says
The relinquishment is part of a contractual requirement for Exxon to enter the final phase of exploration of the Stabroek Block, which contains one of the world's largest oil discoveries in decades.
It was originally due in October, but talks between Exxon and the government stalled the process. Exxon's final exploration phase with the Stabroek Block is due to end in 2027.
The block has propelled Guyana to become one of the world's fastest growing economies and has driven profits for Exxon, Hess (HES.N), opens new tab and CNOOC (600938.SS), opens new tab, the three partners in the consortium that control all oil output in the country.
Exxon did not immediately respond to a request for comment.
The returned areas equate to about 9% of the total size of the Stabroek Block, according to Reuters calculations.
The relinquished portions do not contain any discoveries or production activities, the Ministry said.
The government has also said the relinquishment needed to exclude part of the block Exxon could not explore due to a territorial dispute between Guyana and Venezuela.
Guyana has said it wants to offer the relinquished acreage to other companies in a future auction.
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