Exxon Mobil and its partners Hess and CNOOC have handed 2,534 square kilometres of the offshore Stabroek Block back to the Guyanese government, the Ministry of Natural Resources said. The area amounts to roughly 20% of Exxon’s licence and about 9% of the block’s total 26,800 square kilometres. Relinquishment was a contractual condition for entering the final exploration phase, which runs until 2027, and follows months of negotiations that delayed a deadline originally set for October 2024. The returned tracts contain no commercial discoveries and exclude producing fields, according to the ministry. Officials said the hand-back also carves out sections that Exxon cannot explore because they fall within waters claimed by neighbouring Venezuela, which contests Guyana’s sovereignty over the oil-rich Esequibo region. Georgetown intends to offer the relinquished acreage in a future auction as it seeks to broaden participation in one of the world’s fastest-growing oil provinces. Production from the Stabroek Block has already reached about 665,000 barrels a day and is projected to keep rising. Separately, arbitrators overseeing a dispute between Exxon and Hess have reached a decision that will determine whether Chevron can proceed with its US$53 billion acquisition of Hess and its 30% stake in Stabroek. The International Chamber of Commerce is reviewing the ruling before releasing it to the parties.