Exxon Evaluates Gas Resources at Guyana's Stabroek Block

• Guyana's energy minister stated that Exxon needs to complete more evaluation work to determine the exact amount of gas resources at Stabroek Block
• The government prioritizes developing onshore industrial projects using the gas, including data centers and fertilizer plants, before considering exports
• Exxon last updated Stabroek's total resource estimate in 2022 at approximately 11 billion barrels of oil equivalent

Summary: Exxon Evaluates Gas Resources at Guyana's Stabroek Block

Key Developments:

ExxonMobil continues assessing natural gas resources at Guyana's Stabroek Block, with the government's technical team working alongside the oil major to determine total reserves. Guyana's Natural Resources Minister Vickram Bharrat confirmed that Exxon requires additional evaluation work before finalizing resource estimates.

Critical Data Points:

• Exxon last updated Stabroek's total resource estimate in 2022 at approximately 11 billion barrels of oil equivalent
• The assessment involves determining the split between crude oil, associated gas, and non-associated gas

Strategic Priorities:

The Guyana government's primary focus is developing onshore industrial projects utilizing natural gas, including:

• Data centers
• Fertilizer plants

Export opportunities will only be pursued after domestic needs are satisfied and excess gas capacity is confirmed.

Companies Involved:

ExxonMobil leads the consortium operating the Stabroek Block offshore Guyana. The company has characterized resource estimation as an ongoing, continuous process.

Market Implications:

This development is significant for Guyana's economic transformation, as the country seeks to leverage its energy resources for industrial development. The accurate assessment of gas resources will determine the viability of both domestic energy projects and potential LNG export ventures. For Exxon, the Stabroek Block represents a substantial asset, though the company's measured approach to resource estimation suggests a methodical development strategy. The outcome will impact regional natural gas markets and Guyana's position as an emerging energy producer in South America.