GoG approves 7th Petroleum Production Licence

September 22, 2025

The Ministry of Natural Resources announced the approval of the Hammerhead Field Development Plan (FDP) and the issuance of the Hammerhead Petroleum Production Licence (PPL). The Hammerhead is the seventh offshore development within Stabroek Block, operated by ExxonMobil Guyana Limited (EMGL) in a consortium with Chevron and CNOOC.

The project in the south-western sector of the Stabroek Block targets the Hammerhead reservoir, discovered in 2018.

Improvements of the Hammerhead PPL compared to previous licences include:

alignment with the Oil Pollution Prevention, Preparedness, Response and Responsibility Act 2025;
improved management of production levels;
new conditions to cover off-specification fluid discharges;
transfer of associated gas from the Hammerhead development to the GtE pipeline.

These enhancements reflect the government’s ongoing commitment to responsible resource management and sustainable development.

The US$6.8 billion project will be produced through a Very Large Crude Carrier (VLCC) conversion-type Floating Production, Storage, and Offloading (FPSO) vessel built by MODEC, a Japanese FPSO-building and operating company.

Production will be facilitated through 10 production wells and 8 injection wells. The forecast output is 445 million barrels of oil with an estimated daily production capacity of 150,000 barrels of oil per day (bopd).

First oil is anticipated by 2029, lifting Guyana’s overall production capacity to approximately 1,500,000 bpd, with the FDP projecting this by Q2.

Associated gas produced from the Hammerhead Project reservoir will be transferred to the Gas to Energy (GtE) pipeline network. The Hammerhead project is expected to boost energy security, drive industrial growth and create employment across various sectors as it joins a growing portfolio of developments which continue to position Guyana as a key player in the global energy landscape.

ExxonMobil Guyana expands capacity with 7th development

23 September 2025

Hammerhead project receives government approvals; production expected to begin in 2029.

The seventh Stabroek block development will have the capacity to produce approximately 150,000 barrels of oil per day (bopd), raising total installed capacity on the block to 1.5 million bopd.

US$6.8 billion of additional investment in Guyana’s growing economy.
ExxonMobil made a final investment decision for the Hammerhead development, after receiving the required regulatory approvals. Hammerhead, the seventh project on offshore Stabroek block, is anticipated to come online in 2029. The development will utilize a floating production storage and offloading (FPSO) vessel with a capacity to produce approximately 150,000 barrels of oil per day. The US$6.8 billion Hammerhead project will include 18 production and injection wells.

President of ExxonMobil Upstream Company Dan Ammann, said, ‘We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery. In collaboration with the people and government of Guyana, we’ve helped build a thriving new oil-and-gas industry in the country that is creating jobs, supplier opportunities, profits and follow-on investments.’

This latest decision augments funds committed for seven approved projects to over US$60 billion. Over US$7.8 billion has been paid into Guyana’s Natural Resource Fund since production in the Stabroek block started in 2019. 6,200 Guyanese work in support of Stabroek block operations – about 70% of the workforce.

ExxonMobil Guyana and its contractors spent over US$2.9 billion with local suppliers since 2015. ExxonMobil is safely producing approx. 650,000 barrels of oil per day from the Stabroek block.

With the recent successful startup of a fourth FPSO, the ONE GUYANA, the company anticipates growing production to exceed 900,000 barrels of oil per day by the end of the year. Construction is underway for the fifth and sixth approved projects, Uaru and Whiptail, with Uaru anticipated to start production in 2026, and Whiptail is anticipated for startup in 2027.

ExxonMobil affiliate ExxonMobil Guyana Limited is operator with 45% interest in the block. Chevron Guyana Exploration Ltd. holds 30% interest and CNOOC Petroleum Guyana Limited holds 25% interest.

Source: ExxonMobil

Stabroek Partners Greenlight 7th Project

Jov Onsat Rigzone Staff September 23

Exxon Mobil Corp announced a positive FID (final investment decision) on the Hammerhead field in the offshore Stabroek block after receiving regulatory approvals, earmarking $6.8 billion for the 150,000 barrels per day (bpd) development.

Targeted to be put into production 2029, Hammerhead will grow Stabroek production capacity to 1.5 million bpd.

Hammerhead is the seventh project approved in Stabroek, with the fourth and biggest – the 250,000-bpd Yellowtail – started up earlier this year through floating production, storage and offloading vessel (FPSO) ONE GUYANA.

ExxonMobil is safely producing approximately 650,000 barrels of oil per day from Stabroek block and anticipates growing production to over 900,000 barrels of oil per day by the end of the year, with the successful startup of a fourth FPSO, the ONE GUYANA,

Construction is underway for the fifth and sixth approved projects, with Uaru anticipated to start production in 2026, and Whiptail is anticipated for startup in 2027.

Investments committed to Stabroek now exceed $60 billion, with over $7.8 billion paid to the petrostate’s Natural Resource Fund since the block started production in 2019. ExxonMobil upstream president Dan Ammann, said ,

“We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery”,

“In collaboration with the people and government of Guyana, we’ve helped build a thriving new oil-and-gas industry in the country that is creating jobs, supplier opportunities, profits and follow-on investments”.

6,200 Guyanese work in support of Stabroek block operations – about 70 percent of the workforce. ExxonMobil Guyana and its contractors spent over $2.9 billion with Guyanese suppliers since 2015.

Hammerhead’s development plan includes 18 production and injection wells. The Hammerhead FPSO has already been under construction. Tokyo-based MODEC Inc won the engineering, procurement, construction and installation contract and the front-end engineering and design contract for the project, announced April 21.

MODEC is also building Uaru FPSO, Errea Wittu.

ExxonMobil operates Stabroek through ExxonMobil Guyana Ltd. with a 45 percent stake. Chevron Corp’s Hess Guyana Exploration Ltd owns 30 percent. China National Offshore Oil Corp. subsidiary, CNOOC Petroleum Guyana Ltd holds 25 percent.

Hammerhead represents the first project approved in Stabroek with Chevron as a partner. ExxonMobil and CNOOC challenged Chevron’s entry into Stabroek by initiating arbitration, asserting their preemption rights. Preemption would have prevented Hess Corp from selling its stake to Chevron as part of Chevron’s acquisition of Hess. The arbitration ruling favored Chevron, as confirmed separately by Chevron and ExxonMobil in July.

Email jov.onsat@rigzone.com

ExxonMobil Consortium gives Hammerhead project green light

Oil output to hit 1.5M bpd

September 23, 2025

The rise of Guyana as a top global oil producer continues, as ExxonMobil announced a final investment decision (FID) for the US$6.8 billion Hammerhead development, its seventh project in the Stabroek Block.

Scheduled for startup in 2029, Hammerhead will add 150,000 barrels of oil per day (bopd) to output, lifting total production capacity across the block to an unprecedented 1.5 million bopd.

The Ministry of Natural Resources confirmed that it granted approval for the Hammerhead Field Development Plan (FDP) and issued the Petroleum Production Licence (PPL), with new conditions, launching one of the largest offshore expansions in the country’s history.

President of ExxonMobil Upstream Company, Dan Ammann, hailed the milestone as proof of the company’s long-term partnership with Guyana.

“We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery. In collaboration with the people and government of Guyana, we’ve helped build a thriving new oil-and-gas industry in the country that is creating jobs, supplier opportunities, profits and follow-on investments.”

The Hammerhead project will utilise a Very Large Crude Carrier (VLCC) conversion FPSO being built by Japanese contractor MODEC and will be developed with 18 wells, 10 production and 8 injections.

Over its lifespan, Hammerhead is expected to yield 445 million barrels of oil. The licence goes further than previous agreements by tightening environmental and operational safeguards.

It is aligned with the new Oil Pollution Prevention, Preparedness, Response and Responsibility Act 2025, features stronger management of production levels, and sets new conditions on off-specification fluid discharges. Associated gas from Hammerhead must be transferred to the Gas-to-Energy (GtE) pipeline network. These enhancements reflect the government’s ongoing commitment to responsible resource management and sustainable development. Hammerhead raises total committed investments across seven sanctioned projects in the Stabroek Block to over US$60 billion.

Guyana’s Natural Resource Fund collected over US$7.8 billion in oil revenues since first production in 2019. ExxonMobil and its contractors spent US$2.9 billion with local suppliers; while employing over 6,200 citizens, 70 percent of the workforce tied to block operations.

Current output stands at 650,000 bopd, with the startup of the ONE GUYANA FPSO expected to push that to 900,000 bopd by year-end. Production from Uaru (2026) and Whiptail (2027) will follow, before Hammerhead comes online in 2029. Hammerhead, discovered in 2018 in the southwestern section of the Stabroek Block, operated by ExxonMobil Guyana Limited holding 45 percent , with Chevron (30 percent) and CNOOC (25 percent).

ExxonMobil takes final investment decision on seventh project

Hammerhead is set to enter operation in 2029 in prolific Stabroek block

Fabio Palmigiani South America Correspondent Rio de Janeiro 22 September 2025

US supermajor ExxonMobil made a final investment decision (FID) for the Hammerhead development offshore, its seventh project in the prolific Stabroek block, after receiving the required regulatory approvals.

ExxonMobil is already producing about 650,000 barrels per day of oil in Guyana and output is on the rise, from recently started operations from the One Guyana floating production, storage and offloading vessel in the Yellowtail field.

Hammerhead will use a mid-sized FPSO, to be supplied by Japanese floater specialist Modec, featuring processing capacity of 150,000 bpd and 90 million cubic feet per day of natural gas.

The $6.8 billion project will include 18 production and injection wells linked to the proposed FPSO. First oil is scheduled for 2029.

“We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery,” said ExxonMobil upstream president Dan Ammann.

The latest FID increases funds committed for seven approved projects – Liza, Liza Deep, Payara, Yellowtail, Uaru, Whiptail and Hammerhead – to over $60 billion. Over $7.8 billion has been credited to the Natural Resource Fund since production in Stabroek started in 2019.

Following the planned production start-up of Uaru in 2026, Whiptail in 2027 and Hammerhead in 2029, ExxonMobil is already working on its eighth development in the region.

ExxonMobil expects to take FID on Longtail early next year, a game-changing project in Guyana that will tackle massive amounts of gas and will be the country’s first gas-driven project with a high condensate-to-gas ratio.The planned FPSO will produce between 1 billion and 1.5 billion cubic feet per day of gas.

ExxonMobil operates the Stabroek block with a 45% stake, partnered by US oil giant Chevron on 30% and CNOOC Ltd on 25%.

(Copyright)

ExxonMobil issues FID for Hammerhead project

The $6.8-billion project calls for a new FPSO and 18 production and injection wells.

Bruce Beaubouef September 22, 2025

ExxonMobil made the final investment decision (FID) for the $6.8-billion Hammerhead field development project offshore Guyana, after receiving the required regulatory approvals.

Hammerhead, the seventh project on the Stabroek block, is anticipated to come online in 2029. The development will utilize an FPSO vessel and calls for 18 production and injection wells, with a capacity to produce approximately 150,000 barrels of oil per day.

Dan Ammann, President of ExxonMobil Upstream Company, said,
“We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery. In collaboration with the people and government of Guyana, we’ve helped build a thriving new oil-and-gas industry in the country that is creating jobs, supplier opportunities, profits and follow-on investments.”

This latest decision increases funds committed for 7 approved projects to over $60 billion.

Currently producing approximately 650,000 barrels of oil per day from the Stabroek block, the company anticipates growing production to over 900,000 barrels of oil per day by the end of the year, with the successful startup of a fourth FPSO, ONE GUYANA.

Reuters reported that associated gas from Hammerhead will be transferred to a pipeline network for a Gas-to-Energy project. The goal is to use surplus gas produced from Hammerhead for power generation within Guyana.

Construction is underway for the fifth and sixth approved projects, with Uaru anticipated to start production in 2026 and Whiptail is anticipated for startup in 2027.

Exxon operates the Stabroek Block with a 45% interest. Partners Chevron and CNOOC hold 30% and 25%, respectively.

/iStock/Get

ExxonMobil greenlights seventh project, adds 150,000 bpd capacity

September 22, 2025

ExxonMobil has reached a final investment decision (FID) on the Hammerhead development offshore Guyana, following government approvals. The $6.8 billion project, the seventh on the prolific Stabroek block, is expected to begin production in 2029.

Hammerhead will deploy a new FPSO capable of producing 150,000 bopd, adding to Guyana’s rapid offshore buildout and bringing total installed capacity on the block to 1.5 million bopd once all projects are online. The development will feature 18 production and injection wells.

Dan Ammann, president of ExxonMobil Upstream Company, said the project underscores the company’s role in building a “thriving new oil-and-gas industry” in partnership with Guyana. ExxonMobil has committed more than $60 billion across seven sanctioned projects on the block, with over $7.8 billion already contributed to Guyana’s Natural Resource Fund since first oil in 2019.

ExxonMobil and its partners — Hess Guyana Exploration (30%) and CNOOC Petroleum Guyana (25%) — are currently producing about 650,000 bopd from the Stabroek block.

With the recent startup of the ONE GUYANA FPSO, output is expected to rise above 900,000 bopd by year-end. Two additional sanctioned projects, Uaru (2026) and Whiptail (2027), remain under development.

Hammerhead cements Guyana’s position as one of the fastest-growing offshore oil producers globally, with ExxonMobil projecting sustained investment, local workforce expansion, and increased supplier opportunities as the basin matures.

ExxonMobil offers TechnipFMC contract worth over $250 million

Contractor to provide subsea systems for Hammerhead, which reached a final investment decision Monday

Robert Stewart
North America Energy Correspondent Baton Rouge

TechnipFMC has won a ‘substantial’ subsea contract from ExxonMobil to supply subsea production systems for the Hammerhead project offshore Guyana, the subsea contractor announced Thursday. The value of the contract was more than $250 million but less than $500 million.

The contractor will engineer, manufacture and manage Hammerhead’s subsea systems, which will include both oil production and water injection capabilities, according to a news release from TechnipFMC.

Infrastructure will include subsea trees, manifolds and associated controls. TechnipFMC said the Hammerhead contract was the seventh greenfield project award it has earned from ExxonMobil’s Guyana arm.

ExxonMobil reached a final investment decision on Hammerhead, its seventh development in Guyana’s Stabroek block, on Monday.

Hammerhead will use a mid-sized floating production, storage and offloading vessel, supplied by Japan-based Modec, that can handle 150,000 barrels per day of oil and 90 million cubic feet per day of natural gas.

First oil should arrive in 2029.

$6.8 billion project accelerates oil boom:

ExxonMobil’s seventh development is a go

September 23, 2025, by Melisa Cavcic

A multibillion-dollar boost is on the horizon for the economy, thanks to a $6.8 billion investment, which ExxonMobil Guyana, subsidiary of the U.S.-headquartered ExxonMobil, has set its cap on pouring into the development of its seventh offshore oil project in the Stabroek block off the coast of Guyana.

FPSO; Source: MODEC

After taking steps to obtain the required approvals for Hammerhead as its seventh deepwater oil project in Guyana, ExxonMobil has made a final investment decision for this development, which will add between 120,000 and 180,000 barrels per day (bpd), raising overall production capacity to nearly 1.5 million bpd once it comes online in 2029.

Dan Ammann, President of ExxonMobil Upstream Company, underlined: “We continue to set a new standard in Guyana – advancing an impressive seventh project just 10 years after first discovery. In collaboration with the people and government of Guyana, we’ve helped build a thriving new oil-and-gas industry in the country that is creating jobs, supplier opportunities, profits and follow-on investments.”

Envisioned to be developed with a floating production storage and offloading (FPSO) vessel with a capacity to produce approximately 150,000 barrels of oil per day, the $6.8 billion Hammerhead project, which will include 18 production and injection wells, increases funds committed for seven approved projects to more than $60 billion.

According to the operator, over $7.8 billion has been paid into Guyana’s Natural Resource Fund since production in the Stabroek block started in 2019.

There are currently some 6,200 Guyanese working in support of Stabroek block operations, which is about 70% of the workforce. The company and its contractors have spent more than $2.9 billion with Guyanese suppliers since 2015.

ExxonMobil picked MODEC to develop an FPSO for Hammerhead, which will be moored at a water depth of approximately 1,025 meters using a SOFEC spread mooring system in the eastern half of the Stabroek block at the Hammerhead field, around 160 kilometers northeast of the coastline of Georgetown.

The U.S. giant is currently producing about 650,000 barrels of oil per day from the Stabroek block, where it serves as the operator and holds 45% interest. While Hess Guyana Exploration, now part of Chevron, has a 30% interest in the block, CNOOC Petroleum Guyana holds the remaining 25% stake.

Taking into account the recent start-up of a fourth FPSO, One Guyana, ExxonMobil anticipates growing production to surpass 900,000 barrels of oil per day by the end of the year.

Construction is underway for the fifth and sixth approved projects, with Uaru anticipated to begin production in 2026 and Whiptail to come online in 2027.

Saipem reinforces Guyana ties with $500 million contract for ExxonMobil

September 26, 2025, by Melisa Cavcic

Italy’s engineering, drilling, and construction services giant Saipem has received the green light to move forward with its multimillion-dollar assignment on an offshore oil project in the Stabroek block off the coast of Guyana from ExxonMobil Guyana, a subsidiary of the U.S.-headquartered ExxonMobil.

FDS2 vessel; -Source: Saipem

Following ExxonMobil’s final investment decision (FID) for the $6.8 billion Hammerhead development as the seventh deepwater oil project in Guyana, Saipem has secured authorization to proceed with the execution of activities related to its engineering, procurement, construction and installation (EPCI) offshore contract, worth approximately $500 million, which it won for work on the Hammerhead oil field in the Stabroek block.

Chevron predicts $400 million third-quarter hit from Hess deal

Robert Stewart North America Energy Correspondent Baton Rouge 25 September 2025

US supermajor hopes for synergies from mega-merger ‘in future quarterly earnings’. Chevron expects its mega-merger with Hess to dent its third quarter earnings by upward of $400 million.

In a filing with the US Securities & Exchange Commission (SEC), Chevron said “Hess-related impacts” could lead to an after-tax loss of anywhere between $200 million to $400 million. Chevron expects a hit to its adjusted earnings of $50 million to $150 million, once “severance and other costs related to the transaction” are excluded.

“The Company expects to realize synergies from the Hess transaction in future quarterly earnings.

“Approximately half of the cash outflows associated with the severance and other transaction costs related to the Hess acquisition are expected to occur in third quarter 2025, and the remainder is expected within the next 12 months.”

The US supermajor closed its $53 billion acquisition of Hess in July after a lengthy arbitration process with ExxonMobil, who challenged Chevron’s right to buy Hess’ stake in the lucrative Stabroek Block offshore Guyana.

Chevron anticipates the average output from its new Hess assets will be between 450,000 to 500,000 barrels of oil equivalent per day in the third quarter, the SEC filing showed. Chevron also expects to have about 2 billion shares outstanding as of 30 September.

(Copyright) 25 September

ExxonMobil returns to little-explored play with appraisal well

Fabio Palmigiani South America Correspondent Rio de Janeiro 8 September 2025

US company drilling third well in the Ranger area in search of carbonate reservoirs

US supermajor ExxonMobil has started drilling a new well to appraise the Ranger discovery in the Stabroek block offshore Guyana, targeting additional volumes in an area featuring high potential for carbonate reservoirs.

ExxonMobil in January 2018 found approximately 70 metres of high-quality oil at the Ranger-1 wildcat. The well, the sixth discovery made in Stabroek, still holds to date the title of deepest probe ever drilled by ExxonMobil in the block, with the campaign taking place in 2735 metres of water to a final depth of 6450 metres

ExxonMobil awards major vessels contract

First of four newbuild OTSVs will be delivered in early 2028

Fabio Palmigiani South America Correspondent Rio de Janeiro 11 September 2025

Netherlands-based services provider Smit Lamnalco has been awarded a significant multi-year contract by ExxonMobil to provide offshore terminal support services, including four newbuild vessels, for work in the Stabroek block offshore Guyana.

100% owned by Dutch contractor Boskalis following a deal closed last year, Smit Lamnalco will supply four offshore terminal support vessels (OTSV) to provide operational, maintenance and logistics activities for ExxonMobil in Guyana.

These also include static towage during lifting operations to floating production, storage and offloading vessels in Stabroek. Smit Lamnalco signed shipbuilding contracts with Uzmar Shipyard in Turkey to build the four OTSVs to be deployed in Guyana.

Each vessel, of RAmpage 6000-DE design, will be 60 metres long with a bollard pull ahead exceeding 130 tons and will feature Class 2 dynamically positioned systems.

Financial terms were not disclosed. The first vessel is expected to be delivered in early 2028, with subsequent quarterly deliveries thereafter.

ExxonMobil is also in the market with a request for information (RFI) to identify suppliers that can provide multi-purpose support vessels (MPSV) to assist operations in Guyana. ExxonMobil is producing over 700,000 barrels per day of oil in the prolific Stabroek block and output is on the rise, as operations started from the One Guyana FPSO in the Yellowtail field.

Exxon mega contract for Dutch firm for Guyana project

September 12, 2025

Exxon funnels mega contract to Dutch firm for Guyana project

Dutch maritime service provider Smit Lamnalco announced that it has been awarded a “significant multi-year contract” by ExxonMobil Guyana Ltd. to provide offshore terminal support services for operations in the Stabroek Block.

The agreement includes the provision of four newbuild terminal support vessels dedicated to Exxon’s floating production, storage, and offloading (FPSO) operations approximately 110 nautical miles off Guyana’s coast. These vessels will support operations, maintenance, and logistics, as well as perform static towage during tanker lifting.

As part of the project, Smit Lamnalco has signed shipbuilding contracts with Uzmar Shipyard in Turkey for the construction of the vessels. Designed by Canadian naval architect Robert Allan Ltd., the RAmpage 6000-DE class ships will each measure 60 meters in length and deliver a bollard pull of over 130 tons ahead (120 tons astern).

The vessels will be equipped with DP2 class dynamic positioning systems, FIFI-1 firefighting capabilities, and additional emergency response equipment.The first vessel is scheduled for delivery in early 2028, with subsequent vessels arriving quarterly thereafter.

“Achieving this outcome has been the result of many months of hard work by the project team, through several rounds of tendering, and a thorough technical and commercial contract negotiation process. We worked closely with ExxonMobil, Uzmar and Robert Allan, to define the final vessel specifications… these major projects cannot be won without input and dedication from the entire team.”

Stabroek Block – largest industry find in 15 years

OilNOW – August 4, 2025

During the ExxonMobil Q2 2025 earnings call, Chief Executive Officer Darren Woods, said the Stabroek Block, the industry’s biggest oil discovery in the last 15 years, ranks among the most successful developments in deepwater history.

“One of our most important advantaged assets is Guyana, where we recently marked the ten-year anniversary of our first oil discovery. With nearly 11 billion barrels of resource, it’s industry’s biggest oil discovery in the past fifteen years.”

Exxon currently has three major developments online in the Stabroek Block, producing about 650,000 barrels of oil per day. Woods emphasized the projects’ performance, saying,

“The success of these projects has established Guyana as the world’s fastest growing economy.. It’s also one of the reasons I believe the Guyana development will prove to be one of the most successful deepwater developments of all time.”

A fourth development, Yellowtail, will push Guyana’s production close to a million barrels per day.

Guyana emerged as a key global contributor since production began at the Stabroek Block.

Exxon is the operator of the Stabroek block with a 45% stake. Chevron owns 30% and CNOOC owns 25%.

Rank of 16 Fields by date and size

Liza-1 Over 295 feet (90 meters) of petroliferous sandstone. May 2015
Tilapia-1 – 305 feet (93 meters) February 2019,.
Lau Lau-1 – 315 feet (96 meters) January 2022
Sailfin-1 – 312 feet (95 meters) October 2022
Yellowtail-1 – 292 feet (89 meters) April 2019. High-quality oil pay.
Longtail-1 – 256 feet (78 meters) June 2018.
Whiptail-1 – 246 feet (75 meters) July 2021.
Cataback-1 – 243 feet (74 meters) October 2021
Ranger-1 – 230 feet (70 meters) January 2018. Broke new ground in carbonate reservoirs.
Longtail-3 – 230 feet (70 meters) June 2021,extended the original Longtail reservoir.
Redtail-1 – 232 feet (70 meters) September 2020
Barreleye-1 – 230 feet (70 meters) April 2022
Fangtooth SE-1 – 200 feet (60.9 meters) January 2023
Hammerhead-1 – 197 feet (60 meters)August 2018.
Bluefin – 197 feet (60 meters) March 2024
Haimara-1 – 207 feet (63 meters) February 2019 Significant gas-condensate content.

The largest discoveries reflect the exceptional potential of the Guyana offshore basin. Each field added to the resource base, currently at 11.6 billion barrels, with many supporting future development projects. As drilling continues, Liza remains the benchmark.

Gas-to-Energy Project: First gas turbine foundation to be poured

September 9, 2025

President Dr Mohamed Irfaan Ali received a detailed progress report on Guyana’s transformative Gas-to-Energy (GTE) project from Head of the GTE Task Force, Winston Brassington, as the landmark initiative moves steadily into advanced phases of execution.

In Phase I, which includes the 300-megawatt (MW) combined cycle power plant and natural gas liquids (NGL) facilities being developed by Lindsayca Guyana Inc., the first gas turbine foundation will be poured on 9 September.

Over 300 Guyanese are employed on the project, which another 100 workers will join within the next month when the remaining turbine foundations will also be completed .

Phase II of the project, which envisions a second 300 MW plant and an additional NGL facility, is also progressing. The president was told that seven submissions had been received and discussions are ongoing to finalise the list of pre-qualified firms before proceeding directly to the engineering, procurement, construction (EPC), and financing arrangements.

President Ali was further updated on plans for the Wales Industrial Zone, which will serve as a hub for energy-driven industries. An updated map has been prepared to highlight the existing and proposed infrastructure, with land allocated for a data centre, ammonia/urea plant, and glass factory.

20 million cubic feet of gas per day (MCFD) will be allocated for a fertiliser plant capable of producing 300 tonnes per year (TPY) of urea. Discussions will soon be advanced with local and international companies with strong interest in the facility.

The historic GTE project is central to Guyana’s economic diversification, energy security and industrial expansion, as the benefits will extend far beyond cheaper and more reliable power.

The project is being constructed at Wales in Region Three. When completed, it is expected to cut electricity costs in half, bringing much-needed relief to Guyanese and providing a multitude of employment opportunities.

ExxonMobil Guyana strengthens local content, workforce development

September 18, 2025

6,200 citizens employed in Oil-and-Gas Sector as ExxonMobil expands training

EXXONMOBIL Guyana continues to deepen its commitment to local content and workforce development, investing heavily in Guyanese businesses, training and industrial capacity.

Since beginning operations in 2015, ExxonMobil and its contractors spent over US$2.9 billion with local businesses. In the first half of 2025 alone, US$419 million (approximately GY$87 billion) was directed to 1,800 Guyanese vendors, demonstrating a strong focus on supporting local industry.

This year also marked a milestone with the launch of in-country fabrication at the Vreed-en-Hoop Shore Base Inc. (VEHSI), including the production of quad joints and Pipeline End Terminations (PLETs), a step that enhances Guyana’s industrial capabilities.

As of mid-2025, the company and its contractors employ 6,200 Guyanese, representing 70 per cent of the oil-and-gas workforce. Women make up one-third of employees and 1,800 Guyanese work offshore. The workforce received over 370,000 hours of training in leadership, technical skills, professional development and health, safety and security protocols.

Alistair Routledge, President of ExxonMobil Guyana, noted, “We are proud of the progress we’ve made in building local talent. Seeing more Guyanese take on key roles in the oil-and-gas industry is a clear sign that our commitment to capacity building is working.”

Guyana Technical Training College Inc. (GTTCI), supported financially by ExxonMobil Stabroek Block consortium and the government, will welcome its first cohort of locally trained students in October 2025—a landmark in technical education.

ExxonMobil’s internship programme is yielding tangible results. Of the inaugural class, five interns have joined the company, while the 2025 programme continues to provide young citizens with meaningful opportunities in the oil-and-gas sector.

These initiatives reflect ExxonMobil Guyana’s ongoing effort to foster local expertise, strengthen the domestic workforce, and contribute to the sustainable growth of Guyana’s oil-and-gas industry.

ExxonMobil Guyana spent G$87 Billion on local content in 2025

September 18, 2025

In a repeat performance of the legendary petroleum industry tradition, ExxonMobil Guyana spent G$87 Billion on local content in the first half of 2025.

“ExxonMobil Guyana and its contractors spent over US$2.9 billion directly with 1,800 local vendors, reinforcing the company’s dedication to local content development. through significant investments in local businesses, workforce training, and community-development initiatives.

In the first half of 2025 alone, US$419 million was spent directly with 1,800 local vendors, reinforcing the company’s dedication to local content development through significant investments in local businesses, workforce training, and community-development initiatives,” the company said.

Exxon described 2025 as a significant year that marks the momentous milestone of in-country fabrication services at the Vreed-en-Hoop Shore Base Inc. (VEHSI) noting that the fabrication of quad joints and Pipeline End Terminations (PLETs) represent a major step in supporting the development of local industrial capabilities.

As of mid-2025,over 6,200 Guyanese are employed by ExxonMobil Guyana and its contractors, making up 70% of the workforce. One in three employees are women, and 1,800 citizens currently work offshore. Oil and gas employees benefited from receiving over 370,000 hours of leadership, in several areas including technical and professional, health, safety and security training.

Alistair Routledge, President of ExxonMobil Guyana, said,

“We are proud of the progress we’ve made in building local talent . Seeing more Guyanese take on key roles in the oil-and-gas industry is a clear sign that our commitment to capacity building is working.”

Guyana Technical Training College Inc. (GTTCI) having received financial help from ExxonMobil Guyana Stabroek Block consortium and the Government, is preparing to welcome its first cohort of students, who will be fully trained in Guyana next month.

ExxonMobil Guyana’s internship programme is yielding results. Of the inaugural class, five interns have been hired by the company. The 2025 internship programme is currently underway, continuing to provide valuable career opportunities for young Guyanese professionals

Guyana re-elects president amid continued oil boom

GEORGETOWN, September 5, 2025

Guyana Elections Commission reported incumbent president, Irfaan Ali, claimed victory in general and regional elections, with his PPP/C party securing over 240,000 votes and 8 of 10 electoral districts. The win cements a second term for Ali, who will oversee the management of a booming offshore oil sector and continued infrastructure expansion funded by petroleum revenues.

On 1 September, the PPP/C obtained 55.3% of the votes, followed by WIN with 24.9% and APNU with 17.8%. Three smaller parties shared the remaining 2% of the vote.

President Ali said, “The results are all out there, as published by the Guyana elections commission. The numbers are clear. The people have spoken in an overwhelming way.”

Since oil production began in 2019, the state budget has quadrupled, though a 2024 IDB report notes 58% of the population still lives in poverty amid vast natural mineral, agricultural and forest resources.

The next five years will be critical for ensuring petroleum wealth reaches all citizens. ExxonMobil, Chevron and CNOOC are leading upstream developments in offshore Stabroek block, with production having exceeded 600,000 bopd in 2025. ExxonMobil operates the block with the consortium and plans to ramp up output to over 1.2 million bopd by 2027.

ExxonMobil, a US-based energy titan with global operations in exploration, production, refining and petrochemicals, operates the Stabroek, Kaieteur and Canje blocks in Guyana, playing a central role in transforming the resource-rich state into a leading oil exporter.

Election win offers Guyana president chance to turn ‘ambition into reality’

After securing second-term in recent elections, Mohamed Irfaan Ali now needs to deliver on promises to reduce poverty and tackle corruption in the oil rich nation.

Mohamed Irfaan Ali secured a second term as president of Guyana where oil discoveries have helped deliver record-breaking economic growth.

It is perhaps easy to shrug off President Mohamed Irfaan Ali’s re-election as a foregone conclusion given Guyana’s newfound oil riches but that would risk dismissing how much his government has used the energy windfall to transform what was once one of the region’s impoverished nations.

Ali’s People’s Progressive Party/Civic (PPP/C) won a second five-year term after securing 55.3% of the votes in the 1 September election, followed by the We Invest in Nationhood (WIN) party with 24.9% and the A Partnership for National Unity (APNU) party with 17.8%. Three other smaller parties obtained the remaining 2%.

While there was little doubt that the sitting government would be re-elected, the ‘oil curse’ and ‘Dutch disease’ have ensured that far too many petrostates in the past have failed to realise the dreams inspired by such a windfall.

Ruling party wins second term in oil-driven Guyana

Fabio Palmigiani South America Correspondent Rio de Janeiro 5 September 2025

Incumbent People’s Progressive Party/Civic (PPP/C) secured another term in the 2025 general and regional elections, winning eight of the 10 electoral districts, and cementing an administration that capitalised on big offshore oil discoveries. The Guyana Elections Commission (GECOM) posted online the result declarations in all 10 regions.

The PPP/C won 55.3% of the votes, followed by the We Invest in Nationhood (WIN) party with 24.9% and the A Partnership for National Unity (APNU) party with 17.8%. Three other smaller parties obtained the remaining 2%. The PPP/C won the 2020 general and regional elections by a narrow margin, securing 50.7% of the votes.

President Mohamed Irfan Ali will be sworn in for a second term and will govern the petrostate for an additional five years, as the petrostate continues to benefit from oil riches that help construction of new schools, hospitals, roads and infrastructure.

US supermajor ExxonMobil is producing over 700,000 barrels per day of oil from the prolific Stabroek block and output is on the rise since the One Guyana floating production, storage and offloading vessel entered operation in the Yellowtail field a month ago. Production is expected to more than double to reach 1.5 million bpd by the end of the decade when first oil flows from Uaru, Whiptail and Hammerhead fields in Stabroek

Dr Mohamed Irfaan Ali sworn in as 9th Executive President

September 7, 2025

Ready to serve for a second term, His Excellency Dr Mohamed Irfaan Ali was sworn in as the 9th Executive President of the Co-operative Republic of Guyana. On the lawns of the State House, President Ali took the oath for a second five-year term.

“I, Mohamed Irfaan Ali do solemnly declare that I will bear true faith and allegiance to the People of Guyana, that I will faithfully execute the office of President of the Co-operative Republic of Guyana without fear or favour, affection or ill-will and that in the execution of the functions of that office I will honour, uphold and preserve the Constitution of the Co-operative Republic of Guyana, so help me God,” the president asserted.

Amerindian youths presented him with a traditional indigenous headdress as a symbol of leadership. In his inaugural remarks, President Ali thanked every citizen who cast their vote in the general elections on September 1, 2025, and pledged that the journey toward prosperity would accelerate.

“You have once more entrusted me to serve as your president…Your fervor energy and passion in which you supported me and my party will be indelibly edged in my heart,” President Ali said. “I extend my sincerest gratitude to the outgoing cabinet…their efforts laid the foundation for the years ahead.“

President Ali’s first five years began on August 2, 2020, following elections mired in controversy that were delayed in March 2020. His staunch leadership and execution of strategic people-centred policies hallmarked his presidency and ensured his re-election for the next five years, creating history with the People’s Progressive Party Civic (PPP/C) gaining an unprecedented victory – a massive 36 seats in the National Assembly.

A new dawn

7 September 2025

Former UK High Commissioner, Greg Quinn, and former U.S. Ambassador, Sarah-Ann Lynch.

We write as former diplomatic representatives to Guyana, having had the immense privilege of witnessing firsthand the remarkable journey of this nation. From our unique vantage point, we have seen Guyana’s resilience, its spirit, and its unwavering commitment to democratic principles tested and, ultimately, strengthened.

We wish to offer our heartfelt congratulations on the successful conduct of the latest national and regional elections. Guyana Elections Commission (GECOM) deserves commendation for, as it seems to us, overseeing a process that was free, fair, and credible.

The professionalism and dedication of GECOM’s staff working in partnership with domestic and international observers, ensured that every vote was counted with transparency and integrity.

This is a significant achievement and a testament to the growth of democratic institutions since our time in the country. The lessons of the past have clearly been learned, and the commitment to upholding the will of the people has been demonstrated.

Equally deserving of praise are the Guyanese people themselves. The election was a peaceful event, with citizens showing a deep respect for the democratic process. Voters lined up patiently to cast their ballots, demonstrating a profound sense of civic duty and a collective desire for a stable and prosperous future.

This peaceful conduct sends a powerful message to the world: Guyana is a mature democracy, one where political differences can be resolved through dialogue and the ballot box, not through conflict.

With the election now in the rear view mirror, the opportunities ahead for Guyana are immense. The nation stands at a pivotal moment in its history, poised to leverage its burgeoning oil and gas wealth to create a prosperous future for all Guyanese.

This is the moment to invest strategically in a diverse and resilient economy, moving beyond dependence on a single resource.The newly-elected government has the chance to continue to prioritise and accelerate investments in critical infrastructure, from roads, bridges and ports, to schools and hospitals, ensuring that the benefits of this economic boom reach every corner of the country. And reach every corner of the country they must.

Moreover, this is an opportunity to strengthen social cohesion and ensure that prosperity is shared. By investing in education, healthcare, and job creation, the government can empower a new generation to participate fully in their nation’s success.

It is also the time to double down on transparency and good governance, ensuring that wealth is managed responsibly for the benefit of all citizens, present and future. We are excited to watch as Guyana seizes this moment.

The world is watching too, and seeing a nation that is not only rich in natural resources, but also in human potential and democratic values. Guyana must grasp the opportunity it has with both hands – for the benefit of every single citizen. This is a once-in-a-lifetime chance. Congratulations, Guyana!

Greg Quinn OBE is a former British diplomat who has served in Estonia, Ghana, Belarus, Iraq, Washington DC (seconded to the State Department), Kazakhstan, Guyana (as High Commissioner), Suriname (as Ambassador), The Bahamas (as High Commissioner), Canada (as Consul General Toronto and Calgary), and Antigua and Barbuda (as resident British Commissioner) in addition to stints in London. He now runs his own government relations, business development and crisis management consultancy – Aodhan Consultancy Ltd (www.aodhaninc.co.uk).

Sarah-Ann Lynch is the former U.S. Ambassador to Guyana and the Secretary of State’s Representative to CARICOM. She most recently served as the Civilian Deputy to the Commander and Senior Foreign Policy Advisor at U.S. Southern Command. As a career member of the U.S. foreign service, Ambassador Lynch (ret.) served across the globe in South Asia, South America and the Middle East as well as in Washington, D.C. She is now an independent consultant as well as a senior advisor to multiple organizations

Irfaan Ali reelected as President of Guyana

September 4th 2025

Ali wins 8 of the ten regions with 242,498 votes

The Guyana Elections Commission (GECOM) released results of polls, confirming the re-election of incumbent President Irfaan Ali of the People’s Progressive Party/Civic (PPP/C). with 242,498 votes after winning 8 of the 10 regions.

Coming in second was the 3-month-old party We Invest in Nationhood (WIN), with 109,066 votes and victories in Regions 7 and 10, displacing A Partnership for National Unity (APNU), which previously held a majority there, but garnered only 77,998 votes and fell to third place.

Following their defeat, the leaders of WIN and APNU, Azruddin Mohamed and Aubrey Norton, both claimed there were “grave irregularities” and requested recounts. Their allegations include missing Statements of Poll, ballot box tampering and illegal voting by Commonwealth citizens who did not meet residency requirements.

“Within the past few days, we have had numerous and credible reports of grave irregularities in the conduct of these 2025 elections,” the US-sanctioned Azruddin Mohamed said.

GECOM rejected the claims as “mischievous,” stating that the law allows Commonwealth citizens who meet a one-year residency requirement to vote. However, it granted APNU’s request for a recount in a sub-district of Region Four, scheduled for Thursday.

Amanza Walton-Desir’s Forward Guyana Movement collected 4,326 votes. Hence, she will likely occupy the 65th seat in Parliament.

US respect for Guyana, a strong, stable, democratic partner

September 1, 2025

US–anticipates calm, peace as registered voters cast their votes freely today

The United States reaffirmed its respect for Guyana’s sovereignty and emphasised that it values the nation as a strong and stable democratic partner. As voters head to the polls today, the US embassy expressed its support and welcomed the democratic process.

US Ambassador to Guyana, Nicole Theriot, with a delegation from the US Embassy, has been officially accredited by Guyana’s Elections Commission (GECOM) to observe the elections. The American delegation expects election day to be calm and peaceful, with registered voters freely casting their ballots.

In an early Sunday broadcast, President, Dr. Irfaan Ali said the conduct of the 2025 polls should set the tone for a spirit of collaboration and dedication to national development.

“I urge every Guyanese, wherever you reside, whomever you support, whatever your station in life, to go forth on Monday and cast your ballot. Do so with confidence, do so with dignity and do so in a manner befitting a proud and free people.
“Vote with assurance that your choice is yours alone, and that the right of your neighbour to make his or her choice is to be respected as zealously as your own.”

President Ali reminded fellow party leaders of their responsibility to set an example and let good sense prevail, respecting the country’s laws and democratic process.

“Let us temper our passion and allow good sense and decency to guide our actions. The eyes of the world are upon us, but more importantly, the hopes of our children are vested in us. Let us not disappoint them.”

Guyana in high development category

UNDP September 20, 2025

The latest Human Development Report of The United Nations Development Programme states Guyana remains in the high development category and has rebounded from the setback from the COVID-19 pandemic, using data from 2022 and 2023.

UNDP launched its 2025 Regional Human Development Report for Latin America and the Caribbean, titled “Under Pressure: Recalibrating the Future of Development in Latin America and the Caribbean.” The report, which proposes a new framework of “Resilient Human Development,” highlighted Guyana’s recent development triumphs and its significant vulnerabilities to climate change.

The report defines its Human Development Index (HDI) as a composite measure of income, health, and education. Guyana’s HDI value reached 0.776 in 2023, officially placing the country in the high human development category. This achievement marks a complete bounce back from the COVID-19 setback from 2020 to 2021, with development now exceeding its pre-pandemic level.

This upward trajectory diverges sharply from the regional trend. While most of Latin America and the Caribbean saw a slowdown in HDI growth, Guyana’s average annual HDI growth was 2.33% in the years following the pandemic, a significant increase from the 0.90% growth in the five years before.

Despite this economic and social progress, the report identifies threats to Guyana’s future. With a Vulnerability Score of 0.44 and a Readiness Score of 0.34 in 2022, Guyana’s risk of climate impacts is higher than its capacity to mobilize investment for adaptation.

This is particularly concerning given the country’s geography; 31% of its population and significant portions of its capital, Georgetown, exist at elevations below five meters above sea level, making them highly susceptible to rising sea levels and storm surge flooding.

The report projects that 7.98% of the population will live in a 1-in-20-year floodplain. Climate change also threatens long-term economic productivity. High temperatures are projected to cause significant losses in labour productivity across all sectors.

Guyana, Suriname, and Venezuela are expected to experience the most substantial losses—beyond 9 percentage points—by 2050 due to heat stress. This is compounded by a dramatic increase in heatwaves, which rose from 0.8 days per year between 1986 and 2005 to 8.2 days per year between 2016 and 2022.

In contrast to climate-related vulnerabilities, the report highlights two key areas where Guyana demonstrates strength: social cohesion and technological innovation. While trust in government and other people declined across the region, trust in one’s immediate community remains steady.

In Guyana, this trust is exceptionally high at 70.6%, compared with the regional average of 55.8%. Guyana’s political polarization score in 2023 was 2.9 out of 4, which, while above the global average of 2.8, indicates less perceived hostility among party supporters compared to the regional average.

Guyana is among 24 countries in Latin America and the Caribbean deploying Artificial Intelligence (AI) in public administration. Application of AI is primarily focused on public order and safety (50%) and public services (50%), a unique distribution compared to the broader regional focus on public services and economic affairs. “Jessie,” an AI chatbot on WhatsApp connects with Guyanese diaspora to identify skills and interests, a key example of innovative use of technology.

Moonilal expects energy collaboration after Guyana election

2025, 09/02

T&T Energy Minister Roodal Moonilal closely followed yesterday’s general election in Guyana, particularly in relation to re-igniting energy collaboration between the two countries.

The election, which determined a President and 65 seats in Parliament, featured six parties, with the contest largely focused on a three-way race between incumbent President Irfaan Ali’s People’s Progressive Party (PPP), opposition leader Aubrey Norton’s People’s National Congress Reform (PNCR) and billionaire Azruddin Mohamed’s “We Invest in Nationhood Party.”

Over 750,000 voters were registered at more than 2,800 polling stations, with the PPP widely tipped to retain power.

Fresh from successful negotiations with Grenada on joint energy projects and following last Friday’s meeting between Grenadian Prime Minister Dickon Mitchell and the Trinidad and Tobago Government, Moonilal said,

“We’re keeping an eye on developments in Guyana as they relate to re-igniting energy collaborations that have been lukewarm over the past years. We are confident there are several areas of mutual interest for the benefit of both nations.”

In June, Moonilal outlined plans for regional energy cooperation with Guyana, Suriname and Grenada.

On taking office, his Government found that T&T, with the most expertise in the sector, had no significant footprint in Guyana or Suriname. Moonilal highlighted engagement with the Guyana Oil and Gas Energy Chamber, which pledged to support T&T companies in the country. He was optimistic about Phoenix Park ‘s plans to assist with a gas processing strategy in Guyana.

“It is critical that our state enterprises establish themselves as serious investors in Guyana, Suriname, and Grenada. That is our vision. Trinidad and Tobago will become the hub not by outproducing Guyana or Suriname, but by strategic collaboration and investment.”

Recent meetings with Grenada on joint ventures advanced T&T’s agenda and clarified strategic objectives agreed by both nations.

“In the coming days, the data-sharing agreement will be signed, and a new steering committee appointed. We now have a clear line of sight on our advancement on the Grenadian front as a result of these recent, intense energy diplomacy efforts.”

ExxonMobil to contract specialised vessel for work offshore Guyana

Company seeks suppliers interested in performing activities in the Stabroek block

Fabio Palmigiani South America Correspondent Rio de Janeiro 25 August 2025

ExxonMobil issued a request for information (RFI) as it seeks to identify interested suppliers that can provide multi-purpose support vessels (MPSV) to aid oil and gas activities offshore Guyana. ExxonMobil is already producing over 700,000 barrels per day of oil in the prolific Stabroek block and output is on the rise, as the company started operations from the One Guyana floating production, storage and offloading vessel in the Yellowtail field.

MPSVs are versatile and powerful vessels used for a wide range of work involving subsea construction, well intervention and offshore accommodation support.

Eco Atlantic results for the quarter to 30 June

01 September 2025

Eco (Atlantic) Oil & Gas, the petroleum exploration company focused on the offshore Atlantic Margins, announced unaudited results for the three-month period ended 30 June 2025, and the appointment of Gadi Levin as Chief Financial Officer (‘CFO’).

Highlights:

Financial

1. 1. The Company had cash and cash equivalents of US$3.6 million and no debt as at 30 June 2025.
  2. The Company had total assets of US$20.4 million, total liabilities of US$1.5 million and total equity of US$19.0 million as at 30 June 2025.
  3. All warrants in the Company have now been cancelled or expired, with no warrants outstanding.
    The company is due to receive additional $11.5m from Block 3B/4B JV partners upon reaching certain milestones.

South Africa

Block 1

Further to the Company’s announcement on 5 June 2024 detailing Eco’s acquisition of a 75% interest in Block 1 Offshore South Africa Orange Basin, Eco received the Governmental Title Award and the Exploration Right and Operatorship, as announced on 4 June 2025.

Block 3B/4B

On 13 January 2025, Eco announced the completion of the transaction with Africa Oil Corp. now Meren Energy Inc. for the sale of a 1% Participating Interest in Block 3B/4B in exchange for the cancellation of its 54,941,744 shares and 4,864,865 warrants in Eco (valued at ~C$11.3 million). All warrants have now been cancelled or expired, with no warrants outstanding.

The company is due to receive additional $11.5m from Block 3B/4B JV partners upon reaching certain milestones.

Namibia

The Company is witnessing considerable interest in its licenses in Namibia and is currently assessing options to progress its exploration work programs amid a potential farm-out.

Guyana

The Company remains engaged in an active farmout process for the Orinduik Block and is evaluating the Jethro and Joe heavy oil discoveries to determine the appropriate appraisal approach.

CFO Appointment

Long-standing CFO Alan Rootenberg announced his retirement, having worked with the Company since 2011.

The Company would like to thank Alan for his efforts during his time at Eco and wishes him well in his retirement.

Eco is pleased to announce the appointment of Gadi Levin as CFO effective 2 September 2025. Gadi is a chartered accountant with over 20 years’ of experience in both public and private equity markets. He has been a long-standing member of Eco’s finance team, having previously held the role of Finance Director since 2016, working closely with Eco’s executive team in support of the effective financial management of the Company.

Gil Holzman, President and Chief Executive Officer of Eco Atlantic, commented:

‘Eco has continued to make progress across its portfolio and operations in the 3 months to 30 June 2025. During the period, the Company received the Governmental Title Award and the Exploration Right and Operatorship for Block 1, offshore South Africa, where Eco now holds a 75% interest.

The Orange Basin remains one of the most exciting offshore postcodes in the world with Eco’s acreage strategically located at its heart. In Namibia, we continue to progress the license work programs and farm out discussions.

In Guyana, we have continued to hold positive discussions with a number of prospective partners where we are working hard to realise the potential of the Orinduik block.

I am also pleased to announce the appointment of Gadi Levin as our CFO following the retirement of Alan Rootenberg. Gadi has been a key member of Eco’s finance team for many years and I look forward to continuing to work closely with him.

I would also like to thank Alan for all his hard work at Eco over the years and wish him all the best in his well-deserved retirement. As we look forward to the rest of 2025, Eco is in a strong position with a number of potential catalysts to create real value for the Company and its stakeholders.

We look forward to being able to provide further updates as we advance our various assets, ongoing workstreams, and projects.’

Source: Eco Atlantic

US senators concerned American taxpayers subsidizing Exxon in Guyana

September 24, 2025

-seeking answers from CEO Darren Woods

Concerned that American taxpayers may be subsidizing ExxonMobil’s operations here, three US Senators wrote the CEO Darren Woods seeking answers to questions that Guyanese here have also been asking to no avail.

Senators Sheldon Whitehouse (Democrat-Rhode Island), Chris Van Hollen (Democrat-Mary-land), and Jeff Merkley (Democrat-Oregon) sent the letter yesterday to Woods and are seeking a response no later than October 23, 2025.

The questions asked were as follows:

Based on Article 15.4 of the (Production Sharing Agreement), did Exxon-Mobil provide income tax returns to the Government of Guyana, and for which years?
Did ExxonMobil directly pay the Government of Guyana any income tax in 2024 and/or 2023, or did the Government of Guyana make such payments on Exxon-Mobil’s behalf out of the government’s share of profit oil?
For any income tax payments to Guyana made by ExxonMobil or on its behalf, what portion, if any, did ExxonMobil claim as U.S. FTCs in 2024 and/or 2023?
Did ExxonMobil claim any U.S. FTCs on any payments to the Government of Guyana in 2024 and/or 2023?
If ExxonMobil claimed any U.S. FTCs in 2024 and/or 2023 on payments to the Government of Guyana, please explain what provisions of the U.S. Internal Revenue Code or regulations the company used to justify the claim and provide a model of how the calculation of creditable tax was made using illustrative numbers that are consistent with actual results.
If U.S. FTCs were claimed on any payments to the Government of Guyana, how much did they lower the company’s U.S. federal tax bill for 2024 and/or 2023
Does the 2016 PA between ExxonMobil and Guyana make a distinction between taxes owed to the Government of Guyana and payments for economic benefits?
If so, please provide the specific language and ExxonMobil’s interpretation of how it affects your U.S. federal tax liability under current rules.
What was Exxon-Mobil’s rationale for including CNOOC as a partner in its 2016 PA with the Government of Guyana?

For years, local commentators have been asking the government here and ExxonMobil some of these questions without success.

A statement from the US Senators claims current US tax regulations offer a loophole for multinational oil majors drilling in a foreign country to shrink their tax bills, however, closing this loophole would save US taxpayers an estimated US$71.5 billion over ten years.

The senators expressed concern about the possibility of US taxpayers subsidising ExxonMobil’s foreign oil production, in partnership with a Chinese state-owned company, CNOOC and sought to explain what qualifies as a US foreign tax credit.

“Payments to a foreign government in exchange for an economic benefit [such as the right to extract oil and gas] are not considered taxes at all and thus cannot qualify for a U.S. foreign tax credit.

However special rules allow ‘dual capacity’ taxpayers to divide up such payments into creditable taxes and non-creditable payments.

While it is not difficult to distinguish between taxes and payments for economic benefits, current rules allow contracts to be structured in a way that blurs the distinction. This loophole is a particular boon to big multinational oil companies”,.

The letter to Woods by the three senators opened by referring to ExxonMobil’s payments to the Government of Guyana, as per the 2016 Stabroek Block Petroleum Sharing Agreement (PSA), the effect on the company’s U.S. federal tax liability, as well as some background information.

It stated that after the company discovered nearly 11 billion barrels of oil off the coast Guyana, a PSA was signed with the Government of Guyana, and that since the initial Liza oil discovery in 2015, Guyana, “a former climate leader, has embraced oil as a route to prosperity, even as sea level rise could claim its capital, Georgetown, by 2030.”

It further noted that ExxonMobil had partnered with a Chinese state-owned oil company – China National Offshore Oil Corporation (CNOOC) – and Hess (now owned by Chevron) which together pump around 900,000 barrels of oil a day, enabling Guyana to now have the world’s highest expected oil production growth through 2035, “despite elevated sea levels and other harms to forest ecosystems and local communities.”

The letter further noted that the PSA, “which was only made public after significant public pressure on the Government of Guyana,” stipulates that ExxonMobil can pocket 75 per cent of the value of oil produced and sold until it has recouped its recoverable contract costs.

The remaining 25 percent of production is split between ExxonMobil and its partners and the Government of Guyana. Under Article 15.4 of the PSA, the Government of Guyana pays ExxonMobil’s Guyana income taxes out of the Government’s share of the oil profits.

It is here that the writers expressed concern about the possibility that American taxpayers may be subsidising ExxonMobil’s foreign oil production in partnership with a Chinese state-owned company.

The letter stated that under Regulation 1.901-2(a)(ii)(B), ExxonMobil is considered a “dual capacity” taxpayer, as it is a multinational company that pays an income tax to a foreign country while also receiving a specific economic benefit from that foreign country, such as the right to extract oil and gas.

In addition, the rules prohibiting US companies from claiming foreign tax credits (FTCs) to lower their US tax bill for payments that amount to subsidies from the foreign government should apply.

It emphasised that ExxonMobil “may not be entitled to shrink its U.S. tax bill through any FTCs for payments made by the Government of Guyana for its taxes.”

Local commentators have sought for years to determine whether Exxon has used the purported payment of taxes to the Guyana Government to lessen its US tax liability.

Continuing with its explanation of the tax regime, the letter further pointed out that “payments to a foreign government in exchange for an economic benefit are not considered taxes at all and thus cannot qualify for a U.S. foreign tax credit (FTC).”

It did however acknowledge the existence of special rules which allow “dual capacity” taxpayers to divide up such payments into creditable taxes and non-creditable payments, adding, “While it is not difficult to distinguish between taxes and payments for economic benefits, current rules allow contracts to be structured in a way that blurs the distinction. This loophole is a particular boon to big multinational oil companies.”

However, the senators went on to inform that a 2024 US Treasury Department proposal would have closed this loophole by limiting the portion of a payment that would qualify for a US FTC to the equivalent amount of tax that the dual capacity taxpayer would have owed the foreign government if it was a non-dual capacity taxpayer.

“In other words, it would prevent a company like ExxonMobil from shrinking its U.S. tax bill by claiming a larger U.S. FTC than any other company operating in the country that was not paying for the right to drill on land owned by Guyana. Closing this loophole would save U.S. taxpayers an estimated $71.5 billion over ten years.”

The letter asserted that “big oil companies like ExxonMobil” do not need any more government subsidies and referred to a 2021 IMF report which states that US effective subsidies to the fossil fuel industry are over $600 billion annually.

Further, This subsidy saw a significant increase when the Republicans added even more with their “One Big Beautiful Bill Act,” which included a $167 billion handout to companies like ExxonMobil that ship jobs and profits overseas, as well as a special $427 million carveout for the oil and gas industry to limit or avoid the Corporate Alternative Minimum tax that is intended to prevent companies from erasing their tax bill with special breaks.

The release also added that in February, Whitehouse and Representative Lloyd Doggett (D-TX) reintroduced the No Tax Breaks for Outsourcing Act which would reverse the special tax rate for offshore profits that’s half the domestic rate. And in response to the special US$427 million carveout for the oil and gas industry to shrink the Corporate Alternative Minimum tax that Democrats included in the Inflation Reduction Act to prevent companies from lowering their liability by abusing tax loopholes, Whitehouse and other Senate Democrats sent a letter in early September to Treasury Secretary Scott Bessent slamming Treasury’s decision to create new loopholes in the corporate alternative minimum tax for the largest and wealthiest corporations.

Guyana as a sustainable energy powerhouse, AI hub at UNGA,

September 25, 2025

In his address to the United Nations General Assembly, the moderate President Dr Irfaan Ali set out a bold vision for Guyana as both an energy leader and a technology innovator, balancing economic growth with environmental responsibility.

He positioned Guyana as a small state with big ambitions, producing energy at scale while investing in green technology and digital transformation. Guyana sees energy production, climate action and artificial intelligence as interconnected drivers of national development and global competitiveness.

“While climate change is an existential threat, the reality is that the world still requires energy. Energy is essential for the survival of our economies.”

Guyana’s energy sector has expanded rapidly since the discovery of offshore oil reserves, making the country one of the fastest-growing energy producers in the world. Sensible Ali Guyana is determined to use this resource strategically, balancing its carbon footprint with renewable energy investments.

His wise vision includes using natural gas as a bridge fuel to transition away from heavy fuel oil; investing in hydropower, solar, wind and other renewable sources; lowering electricity costs for citizens and businesses and ensuring universal access to affordable, reliable, sustainable energy.

“Our energy infrastructure investment plan is ambitious and designed to ensure that growth is clean, inclusive and resilient,” Ali told the UNGA.

This balanced approach is central to Guyana’s long-term development strategy and its commitment to the Paris Agreement targets.

Ali moved beyond energy to outline Guyana’s ambition to become a regional hub for artificial intelligence and digitisation. He announced plans for a transformational “AI hyperscale data centre”.

“We will use our strategic geographic location to establish an AI hyperscale data centre. This investment will improve the competitiveness of our region, accelerate digitisation, and build a fintech ecosystem.”

The proposed AI hub aims to modernise government service delivery platforms, accelerate private investment, create new job opportunities and strengthen data-driven governance. Acknowledging the transformative potential of AI, Ali reasonably raised concerns about equity, access, regulation and ethics.

“AI and digitisation are accelerating demand for energy at an extraordinary pace. We must position ourselves to harness this opportunity responsibly. There is no clarity on equity, access and applicability regulations. Ethical standards and governance mechanisms are urgently needed.”

He welcomed the UNGA decision to establish two global AI governance mechanisms, “a critical step for ensuring that AI serves humanity and not harm it.”

Guyana’s AI strategy will be guided by principles of inclusivity, transparency and ethical governance.

Balancing energy development, climate goals –President Ali tells UN

September 26, 2025

Addressing the UNGA, President Dr. Irfaan Ali revealed Guyana is positioning itself as a model for balancing economic development with environmental responsibility and stewardship. Emphasising the dual challenges of energy security and climate change, he outlined Guyana’s strategy to manage and transition from fossil fuels while maintaining strong economic momentum.

On the sidelines of the ongoing UNGA in New York, President Dr. Irfaan Ali held separate bilateral discussions with Reem bint Ebrahim Al Hashimy, the United Arab Emirates (UAE) Minister of State for International Cooperation and Adel al-Jubeir, Minister of State for Foreign Affairs of Saudi Arabia (Photos: President Irfaan Ali: Facebook)

“Guyana is demonstrating that economic development and environmental stewardship can advance together. By using natural gas as a bridge away from heavy fuel oil and investing in hydropower, solar, wind and other renewables, we aim to lower electricity costs for our citizens and businesses while ensuring universal access to affordable, reliable, sustainable and modern energy.”

Earlier this week the concrete pour on the foundation for the second gas turbine at the Gas-to-Energy plant was completed (OP photo)

At the core of this approach is a plan to use natural gas as a transitional fuel, reducing reliance on heavy fuel oil. Simultaneously, the country is investing heavily in renewable energy sources of hydropower, solar, and wind. These initiatives are expected to lower electricity costs, support business growth and guarantee universal access to affordable, reliable, and sustainable energy.

“Guyana is pursuing an ambitious energy infrastructure and investment plan. While climate change is an existential threat, the reality is that the world still requires energy, sourced from petroleum to power growth and development, for which there is growing demand. “

President Ali described the country’s energy strategy as ambitious, designed to modernise infrastructure while addressing the urgent climate crisis. He acknowledged that while climate change represents an existential threat, global energy demand continues to rise, driven in part by emerging technologies, artificial intelligence and rapid digitisation. Guyana’s position recognises the continued role of petroleum in powering global development, particularly for small and developing economies.

He stressed that sustainable development requires a holistic approach, ensuring that energy access is not compromised even as countries transition toward low-carbon futures.

Earlier this week the concrete pour was completed on the foundation for the second gas turbine at the flagship gas-to-energy project. This covers the 300 MW combined cycle plant and the NGL facilities being executed by Lindsayca Guyana Inc.

On Phase II, which envisions a second 300 MW power plant and NGL facility, President Ali was updated that seven submissions have been received, and discussions are underway to finalise the pre-qualified firms before moving immediately to EPC and financing arrangements.

In this highly anticipated project a 200-kilometre pipeline will bring gas from the Liza Destiny and the Liza Unity Floating Production fields onshore. On arrival at this West Coast Demerara facility, the pipeline will continue for approximately 25 kilometres to the Natural Gas Liquid (NGL) plant to be constructed in Wales.

After completion, the GtE project will have significant impact on the economy, attracting sustainable investments across various sectors and creating numerous job opportunities. The cost of electricity is expected to decrease by 50 per cent, resulting in more affordable and stable electricity for Guyana.

Guyana recently hosted the inaugural Global Biodiversity Alliance Summit in July 2025, which convened over 140 countries and institutions. The resulting Georgetown Declaration expects biodiversity to be treated as a global public good, fully integrated into climate strategies and financial frameworks.

In building on the global pledge to double protected areas by 2025 and achieve the ’30 by 30′ goal by 2030, President Ali said the summit underscores the importance of innovative financing tools such as biodiversity credits, green bonds and debt-for-nature swaps.

GUYANA