ExxonMobil Drills Third Exploration Well in Guyana This Year

• ExxonMobil Guyana Limited (EMGL) is hoping to land more sweet light crude in Guyana’s prolific Stabroek Block through ongoing drilling at another exploration well, Goby-1, with activity expected to conclude by July 31, 2026.
• Goby-1 is the third exploration well advertised so far this year by ExxonMobil, following exploration drilling at Barreleye-3, which runs from June 13 to August 31, 2026, and Goatfish-1, which was announced in February. The Goby-1 well site is located approximately 117.2 nautical miles, or 217.1 kilometres, offshore Guyana and covers an area of 0.29 square nautical miles, or one square kilometre.
• To date, ExxonMobil has made 46 discoveries in the Stabroek Block since its first discovery in 2015, reinforcing the basin’s position as a major offshore oil province.  Under the 2016 Stabroek oil deal, ExxonMobil is allowed to recover costs related to exploration activities, including dry holes. Critics argue that these costs should not be borne by the state and that the arrangement reduces profits flowing to Guyana.
• The Stabroek agreement requires ExxonMobil to submit yearly exploration plans and annual budgets to the Government of Guyana. However, those details are not publicly disclosed, and ExxonMobil did not provide an update on its 2026 exploration plans during its June 9 media engagement.
• The latest exploration campaign comes as Guyana continues to attract significant international interest across its energy and mining sectors. Additional discoveries in the Stabroek Block could further enhance the country’s investment appeal and reinforce expectations for sustained economic growth driven by natural resources.

(Source: Kaieteur News)