Exxon's Stabroek exploration licence now runs to October 2027
Kaieteur News reported that the extra year traces back to a grace period granted in 2020.
The Stabroek licence was extended by one year, to 2027. It had been set to expire in October 2026.
Kaieteur News reported the extended licence on 21 October 2026. Oil & Gas Journal also reported that ExxonMobil had received a one-year extension to October 2027 on its Stabroek block exploration licence. The paper said this came from Exxon's partner, Hess Corp.
Oil & Gas Journal said the extension was granted for COVID-19 force majeure. Force majeure is a legal term for an event that no one can control. Hess disclosed this on 26 July 2023.
Stabroek News reported that Vice President Bharrat Jagdeo confirmed the approval in June 2023. He said the government had approved a one-year force majeure extension for the COVID period. So the relinquishment provision would shift by a year, he said.
Oil & Gas Journal reported that the first renewal period requires the licence holders to give up 20% of the area not held by discoveries. Giving up that land is called relinquishment. The extension moved the end of that period to October 2024.
Kaieteur News reported that the extension goes back to a grace period from 2020. Former President David Granger granted it. Under his order, the time from March 2020 to March 2021 did not count toward the time used up under the agreement. Jagdeo made the order public in 2023.
Oil & Gas Journal named three partners in the Stabroek Block. Esso Exploration and Production Guyana Ltd. is the operator, with 45%. It is an ExxonMobil affiliate. Hess Guyana Exploration Ltd. holds 30%, and CNOOC Petroleum Guyana Ltd. holds 25%.
Kaieteur News reported that Exxon applied in June to the Environmental Protection Agency for permission to drill up to 35 more exploration and appraisal wells. ExxonMobil Vice President John Ardill said the company had made a major find in the middle of the block. He said it came about a month to six weeks before the Energy Intelligence Forum 2026.
Guyana Times reported that Exxon used AI-enabled analysis of earlier seismic data. Exxon said this found about five more prospects in the block.
Kaieteur News reported that, as of 21 October 2026, Exxon had not applied for a further extension.
The story was first reported by Kaieteur News.