During his recent press conference, Vice President Dr. Bharrat Jagdeo clarified that the Canje Block will be fully repossessed by the Guyana government by 2026, should there be no advancement in its development by an ExxonMobil-led consortium. Addressing earlier reports, Jagdeo emphasized that his previous statements may have been misinterpreted as indicating that the block had already been repossessed.
“I saw a headline that we repossessed it…so maybe that’s the impression I created that we repossessed it. When I said it’s back in our control, what I meant was that there was a first relinquishment. There should have been a second relinquishment of another two wells, first 20%, 25%,” he stated.
The Vice President explained that the process is ongoing, with the final relinquishment expected by 2026, pending any significant development announcements. “They had the force majeure, so that, in fact, that should have been done by now. And then, by 2026, I think the Canje block would be back with the government, should there be no progress on announcing a development.”
Jagdeo also addressed the situation surrounding the Kaieteur Block, noting that ExxonMobil, a major stakeholder, is still interested in exiting. “I also saw someone from Exxon in responding to a question, saying that they’re waiting to exit the Kaieteur Block, but they have not gotten the approval from the government as yet,” he disclosed.
He further clarified that the delay in approval is due to incomplete documentation from Exxon, rather than any action or inaction from the government. “I asked the ministry about this, and they sent me a letter that they wrote to Mr. Alistair Routledge about the application. It says here, reference is made to your company’s application received on October 20, 2023, requesting approval for the transfer of interest in the Kaieteur Block Petroleum Exploration License and the subsequent submission of additional documents on January 25, 2024. Please be guided that further to our review of submitted documents, the Ministry of Natural Resources has found that some additional information is needed prior to closing out this process.”
He added that there are “16 additional bits of information” Exxon needs to provide to complete the review, clarifying, “So, they made it seem as though we’re holding this up. We’re not holding this up. It’s Exxon that has not submitted the additional information to complete the review. That’s the position of the ministry.” he affirmed.