Having already found ten billion barrels of oil equivalent in the Stabroek Block, ExxonMobil is seeking an extra year before having to relinquish parts of the concession as it says that the COVID pandemic has severely hampered its work.
ExxonMobil’s subsidiary, Esso Exploration and Production Guyana Limited (EEPGL) and the government are currently in discussions on the relinquishment obligation following a request by the company for a one-year extension.
The relinquishing of blocks is set to take effect in 2023, but ExxonMobil explained that due to COVID-19 pandemic related setbacks last year, the company was now requesting a one year extension.