Minister Confirms ExxonMobil's New Oil Discovery in Stabroek Block

According to Kaieteur News, Minister of Natural Resources Vickram Bharrat confirmed that ExxonMobil recently made the Rockhead-1 oil discovery within the Stabroek Block, stating that tests are currently in progress to ascertain the quantity and commercial viability of the resources. Bharrat disclosed that the Rockhead-1 find was located next to the Ranger-1 discovery, which Exxon made in 2018. At the time of the Ranger-1 announcement, the oil company described it as its largest find in Guyana, and the subject minister noted that Exxon is still conducting appraisal activities at the Ranger-1 discovery.

Bharrat explained that the determination of the resources' quantification will be based on evaluated tests, and if necessary, an appraisal program for the Rockhead-1 discovery. He also mentioned that ExxonMobil Guyana Limited (EMGL) is obligated to adhere to the applicable procedures following each discovery, as stipulated by the Petroleum Activities Act and the Stabroek Block Petroleum Agreement.

ExxonMobil Vice President and Head of Global Exploration, John Ardill, initially revealed the discovery during an interview with Senior Corporate Correspondent Marc Roussot at the Energy Intelligence Forum 2026 in London, which took place between October 5 and 6. In a LinkedIn post, Roussot reported that ExxonMobil had made a "big discovery" in the central area of Guyana’s productive Stabroek Block, which could potentially lead to the block's 10th development, noting the discovery occurred approximately one to six weeks prior to the report.

Ardill further stated that the oil giant is performing appraisal activities alongside production tests to better define the resource. The company anticipates submitting an application to the Government of Guyana next year to secure a permit. In a separate comment, Exxon's Vice President mentioned that the company is testing nearby prospects that might connect to a Ranger development. Ardill specified that the Rockhead well, drilled earlier in the year, was one of the near-field wildcat wells.

Kaieteur News also reported that Guyana's oil reserves have remained around 11 billion barrels since 2022, despite the announcement of at least eight new discoveries. Exxon recently stated that Guyana's reserves had fallen below 11 billion barrels. The company stated that with an estimated resource base of just under 11 billion oil-equivalent barrels and plans for up to eight offshore developments by 2030, the Stabroek Block is assisting in meeting demands across the Americas, Europe, and Asia, thereby contributing to global energy security and market stability.

ExxonMobil has made 47 discoveries in the Stabroek Block since the initial discovery in 2015. The report noted that while oil-producing nations, including neighboring Suriname, have prevented oil companies from recovering costs incurred while searching for oil, Guyana permits Exxon to recover costs for successfully drilled wells as well as dry holes encountered during the process. The 2016 agreement signed by ExxonMobil allows the company to recover costs associated with its exploration activities even if those efforts do not yield oil.

During a shareholder address, ExxonMobil Chairman and CEO Darren Woods indicated that the corporation believes there are four additional discoveries likely to be made that could surpass expectations. When addressing a shareholder's query regarding the use of Artificial Intelligence (AI) tools for generating prospects in Guyana, Woods explained that a substantial portion of the Stabroek Block is subject to force majeure due to the ongoing Guyana-Venezuela border controversy before the International Court of Justice (ICJ). He stated that they would observe developments and see an opportunity to begin seismic surveys to understand what that acreage might hold, while also noting that more work remains in already surveyed areas.

Woods also mentioned that Exxon has increased its focus on AI and training models. He stated that based on existing findings and subsurface characterization from drilling, they have identified four new discovery opportunities beyond what was previously considered possible, expressing optimism. However, Woods cautioned that more work is needed to confirm the discoveries, assuring investors that the company is not finished in Guyana and sees a bright future there. He pointed out that there is still considerable acreage for the company to utilize, noting that AI is assisting in identifying previously unidentified exploration areas. Woods concluded by assuring investors that the organization is focused on maximizing the value of the acreage for ExxonMobil and, more importantly, for the government and people of Guyana.

Previously, in June, this newspaper reported that Exxon had requested authorization from the Environmental Protection Agency (EPA) to drill up to 35 additional exploration and appraisal wells in the Stabroek Block, signaling continued aggressive expansion of a major offshore oil frontier, though it was unclear if that request had been approved.