ExxonMobil Guyana Limited is still to officially complete its contractually required relinquishment of 20% of the lucrative Stabroek Block.
At a press conference held this morning, ExxonMobil Guyana President, Alistair Routledge said that the company has submitted all necessary documentation and is awaiting word from regulators.
Routledge declined to reveal information as to the area of the block that is being relinquished. However, he explained that the proposed relinquishment is not in one area, in fact, it is two swathes of 10 percent each.
The Production Sharing Agreement (PSA) that governs the operation of the Stabroek Block specifies the need for relinquishment. Originally, Exxon was meant to relinquish its first 20% of the 6.6 million acre block in October 2023. A one year extension was granted by regulators, making the deadline October last.
The 20% to be given up does not consider discoveries, appraisal and production areas.
When Routledge declined to state what area is being given up, he said that he did not want to preempt government’s approval of the proposed area. He said too that he does not know when the process will come to an end, noting that “everyone is busy”.
