(Kaieteur News) – ExxonMobil Guyana Limited (EMGL) this week announced that it will be exploring for more oil at the Liza Two site where the company already struck hydrocarbons that is currently being produced.
The Liza Two project is producing about 255,000 barrels of oil per day (bpd). Exxon received regulatory approval to commence production in April 2019 by the Government of Guyana (GoG).
In a notice published by the Maritime Administration Department (MARAD), Exxon revealed that it will continue exploration drilling operations at the Liza Two project within the Stabroek Block of Guyana’s Exclusive Economic Zone.
It said the MODU Noble Stena Carron will be engaged in the drilling activities which is expected to conclude on 31st October, 2026.
ExxonMobil is currently producing oil at the Liza Two project through the Unity FPSO.
The Liza Phase Two project’s drill center is situated approximately 104.531 nautical miles or 104.531 kilometers off the coast of Guyana and covers an area of 0.29 square nautical miles or one square kilometer.
Mariners have been instructed to stay clear of the area and navigate with extreme caution when in the vicinity.
During its most recent shareholder meeting, ExxonMobil informed its investors of plans to continue exploring Guyana’s Stabroek Block for more oil, an activity that is completely financed by the country. Unlike other jurisdictions where Exxon takes on exploration risks, Guyana finances the company’s hunt for oil, whether or not those efforts are successful.
The Chief Executive Officer (CEO) and Chairman of Exxon Mobil Corporation, Darren Woods told shareholders that the company believes there are four more discoveries likely to be made in Guyana that can exceed its imagination.
While responding to a shareholder on the use of Artificial Intelligence (AI) tools and generating prospects with specific regard to exploration in Guyana, Woods explained that a large portion of the Stabroek Block is in force majeure given the Guyana-Venezuela border controversy that is currently before the International Court of Justice (ICJ).
He said, “We’ll see what happens there. We feel there’s an opportunity then to start shooting seismic and understand what that acreage potentially holds. And we’ve got more work to do in the acreage that we’ve already shot and the work that we’ve been doing.”
Additionally, he reminded that Exxon has put increased effort into AI and training models. To this end, Woods said, “based on what we found already, all the drilling that we’ve done, the characterisation of that subsurface, and unleashed that in the rest of the block and have four new discovery opportunities above and beyond what we thought were opportunities. So, we’re optimistic there.”
He noted that there was still a lot more work required to confirm the discoveries but assured investors, “we’re not done yet in Guyana and we see – continue to see a really bright future there.”
Woods pointed out that there was still a lot of acreage sitting for the company to take advantage of. As such, he informed investors that the company is continuing to look for opportunities as AI helps to identify areas not previously identified for exploration.
“So, I would tell you this thing – the tape hasn’t run out on this play yet and we’re going to continue to evaluate that and see what we can get from it. But I mean, you can rest assured the organisation is very focused on maximising the value of that acreage for the benefit, obviously, of ExxonMobil. But more importantly, for Guyana, the government of Guyana and the people of Guyana,” Woods explained.
ExxonMobil has made 46 discoveries in the Stabroek Block since its first commercial discovery in May 2015.
According to the company’s financials, ExxonMobil Guyana Limited (EMGL) has spent about US$2.4 billion in exploration activities as at the end of 2025. This was more than the royalty Guyana received up to the end of 2025 since it began producing oil in 2019.
Oil-producing states around the world, including neighbouring Suriname have blocked oil companies from recovering costs spent to hunt for oil. Guyana on the other hand not only allows Exxon to recover costs for wells successfully drilled, but even dry holes encountered in the process.
The sweetheart deal signed by ExxonMobil in 2016 allows the company to recover costs related to its exploration activities, even if those efforts do not produce oil.
This provision, along with several others have been criticised by both local and international experts in the past, who are that all companies take on financial risks as the cost of doing business where they operate.
Source: Kaieteur News
