ExxonMobil seeking to fast track work in Stabroek block, activates Section 31 of Petroleum Act

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ExxonMobil, in collaboration with its partners Nexen Energy and Hess Corporation, is seeking to fast track work in the Stabroek block. Today, the company, According to the Government Information News Agency (GINA) officially gave notice of its find of commercial quantities of oil in the area via a letter to the Minister of Natural Resources, Raphael Trotman at the Ministry’s boardroom, Brickdam.

Minister Trotman noted that the notification given by the oil company is one that is required by Section 31 of the Petroleum Act. The Minister pointed out that it is the first time in Guyana’s 50-year history as an independent nation, that the section of the Act is being activated.

“This is a profound and watershed moment in the development of our country … so there is great humility and great responsibility that comes with the handing over and receiving of this letter,” Minister Trotman explained.

Additionally, the Minister said that the Ministry is fully aware that every decision and action taken will have an impact on Guyanese for centuries to come. The Minister pointed out that Government is working diligently with the various partners to meet expectations, and to build capacity for the oil and gas sector.

Natural Resources Minister  Raphael Trotman (centre) receives the letter of notification from Jeff Simons, Country Manager of ExxonMobil along with representatives from Nexen Energy and Hess Corporation at the Ministry of Natural Resources Boardroom, Brickdam
Natural Resources Minister Raphael Trotman (centre) receives the letter of notification from Jeff Simons, Country Manager of ExxonMobil along with representatives from Nexen Energy and Hess Corporation

Vice President of ExxonMobil, Erik Oswald, along with representatives from Nexen Energy and Hess Corporation noted that they are excited about the prospects of being able to produce the oil found in the Stabroek block.

“What you are seeing today, is the beginning of a very large effort which will unfold over the next few years as we finalise our plans, and implement them, trying to develop this field,” Oswald stated.

Only recently, ExxonMobil moved its ‘Stena Carron’ drillship, to test the third prospect of the Stabroek block. The oil find in Guyana has been attracting the attention of major companies, with a number of them seeking to obtain exploratory permits.

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