Exxon and Hess Abandon Guyana Oil Block
US companies have abandoned exploration of the Kaieteur block in deepwater Guyana after disappointing exploration results.
Exxon, Hess said they now want to focus on the highly productive Stabroek block, where more than 11 billion barrels of oil and gas have been discovered.
The Kaieteur block, abandoned by Exxon and Hess, occupies 13,354 square meters. km, which is two times less than Stabroek. As a result, American companies transferred their shares in this block to Ratio Guyana Limited and Cataleya Energy Limited (they initially owned the exploration licenses).
Exxon and Hess apparently do not want to “throw away” their resources. They concentrate on the most profitable projects, preferring to hold on to the “tastiest” assets in the country’s oil production, as there are more and more foreign companies in Guyana (TotalEnergies and Qatar Energy were present at the last auction).
