ExxonMobil, Hess leave offshore block in Guyana

American energy players ExxonMobil and Hess Corporation have withdrawn from the Kaieteur oil and gas exploration block offshore Guyana, Reuters reported on Saturday.

Shares have been transferred back to the original owners of the licence, Ratio Guyana and Cataleya Energy. The former will take over as operator.

The first well drilled on the concession was deemed non-commercial.

The 13,400-square-kilometre block was one of two non-productive licences held by ExxonMobil, the other being the Canje block.

The move comes as the companies focus on production of the Stabroek block, which contains more than 11 million boe of oil and gas and currently produces 380,000 bopd.

ExxonMobil operates the Stabroek block with a 45% stake, while partners Hess Corporation holds a 30% stake and China National Offshore Oil Corporation holds the remaining 25% stake.

In August 2023, ExxonMobil and its partners submitted plans to develop the Whiptail project, their sixth oil project in Guyana.

ExxonMobil aims to have six producing FPSOs in Guyana by the end of 2027.

In September 2023, Guyana attracted bids for eight of the 14 offshore oil and gas concessions on offer from global energy giants in the country’s first auction, including ExxonMobil and Hess Corporation.