ExxonM and CNOOC sticking to 11B barrels figure in Stabroek Block, but Hess says estimate higher

Mar 31, 2025 News

Kaieteur News- ExxonMobil Guyana Limited (EMGL) the operator of the Stabroek Block, and China National Offshore Oil Corporation (CNOOC) a 25% partner in the block have both declared that their total recoverable Stabroek Block estimate falls below 11 billion barrels of oil equivalent (boe).

ExxonM and CNOOC sticking to 11B barrels figure in Stabroek Block, but Hess says estimate higher

The Stabroek Block

Meanwhile, Hess, a 30% partner in the block, had disclosed that their figure exceeds the less-than-11-billion-barrels-of-oil-equivalent figure shared by the operator of the block.

In its 2024 Annual Report, CNOOC highlighted some progress that were made in the Stabroek Block last year. The company stated, “Made a one-hundred-million-tons new discovery of Bluefin, further expanding the resource base in southeastern portion of the block. Total recoverable resources of approximately 11 billion boe, and 8 projects will be in production by 2030, with total production expected to be 1.3 million barrel/day and capacity to be 1.7 million barrel/day.”

The Stabroek Block, renowned for its vast oil potential, has been the subject of global attention since oil production commenced five years ago. ExxonMobil’s President, Alistair Routledge, had stated that the company’s estimate remains below 11 billion barrels of oil equivalent, despite eight new discoveries in the block since the previous update in 2022.

Notably, similar to Bluefin, CNOOC had revealed that one of the eight discoveries – Lancetfish – averaged 100 million tons. In January, this publication reported that Hess Corporation’s Chief Executive Officer (CEO), John Hess, disclosed that his company’s estimate of discovered resources in Guyana’s Stabroek Block exceeds 11 billion.

At the Goldman Sachs Research: Energy, CleanTech & Utilities Conference, Hess said, “Yeah, the operator, and we’ve had talks with Exxon about this as operator, the very conservative, they haven’t updated the 11 billion barrels equivalent, greater than 11 billion barrels equivalent of discovered resource. Our number is higher.”

In August 2024, Guyana’s Minister of Natural Resources, Vickram Bharrat, announced that the Stabroek Block’s resource estimate had increased by 600 million barrels to 11.6 billion barrels of oil equivalent. “We have had a minimal increase in resources. I think we have moved to 11.6 billion now,” Bharrat stated.

Routledge during ExxonMobil Guyana’s October 2024 press conference, noted that estimates can vary depending on the methodology and assumptions used. Routledge had explained, “The government released a number of 11.6B oil equivalent barrels, ExxonMobil’s estimate is lower than that number…our number remains a little under 11 billion oil equivalent barrels.”

He had also explained the variation between Exxon’s figures compared to the reserves announced by the government. The Exxon official said that the state conducts independent studies, although it is supplied with data by the company.

Moreover, Hess Corporation is pursuing a US$53 billion merger with Chevron. However, ExxonMobil and CNOOC have initiated arbitration, citing a right of first refusal on Hess’s share of the block. Despite this, Hess expressed confidence that the merger would proceed as planned.

Discover more from Kaieteur News

Subscribe to get the latest posts sent to your email.

CNOOC, Exxon, Hess, reserves

Latest News