Exxon, Guyana in Talks to Return Unexplored Offshore Oil Areas

Exxon, Guyana in Talks to Return Unexplored Offshore Oil Areas

ExxonMobil and Guyana are negotiating over which unexplored offshore areas will be returned to the Guyanese government, Reuters reported.

The unexplored acres are 20% of the original 2016 production control, according to sources familiar with the matter.

The land will encompass 6.6 million acres (26,800 sq km) of its prized Stabroek block in addition to two other undeveloped areas.

Exxon is in compliance with the local legislation and in “ongoing discussions with the government regarding these requirements, in respect to both timing and area,” a company spokesperson said.

The consortium could return some of the areas as soon as the third quarter of this year, the people said.

 

 

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