Exxon Plans 35 More Wells Off Guyana as Regulator Opens Public Review

Energy · Guyana

The Guyana oil boom is already lining up its next decade, with ExxonMobil seeking 35 more wells even as it races to bring current projects online, and the regulator asking a harder question than before.

Exxon’s Stabroek block has turned Guyana into the world’s fastest-growing oil economy. (Photo internet reproduction)

Guyana’s oil story has been a sprint. A decade after the first discovery, the country is pumping more than 900,000 barrels a day from a single offshore block.

Now ExxonMobil wants to keep the pace going well into the next decade. It has asked to drill a fresh batch of exploration wells long before the current ones are finished.

What Exxon has proposed

The plan covers up to 35 exploration and appraisal wells in the Stabroek block. The drilling would run from the second quarter of 2028 through the end of 2033.

According to Guyana’s Environmental Protection Agency, the regulator opened a twenty-eight-day public consultation on June 14. The window invites written submissions on what the eventual study should examine.

Exxon has said it could use any of the five drillships already working off Guyana. The final choice of rig has not been made.

This is exploration, not new production. The wells are meant to test how much more oil and gas the block still holds, on top of the seven projects already sanctioned.

A tougher regulatory test

The notable change is what the regulator is now demanding. For the first time, it wants a cumulative impact assessment rather than a study of one project in isolation.

That means weighing the proposed wells against all the other offshore activity happening at the same time. The consultation period is meant to define exactly what that wider study should cover.

The Rio Times reads this as a quiet shift in posture. After years of approving projects one by one, Guyana is starting to look at the combined footprint of an industry that has grown at breakneck speed.

It does not signal a slowdown. But it does add a layer of scrutiny that did not exist when the first wells were drilled.

There is a political shadow too. Neighbouring Venezuela still claims the waters where much of this oil sits, under the long-running Esequibo dispute.

That claim has not stopped the drilling. But it is a reminder that Guyana’s windfall comes wrapped in a territorial fight that has yet to be settled.

Why Guyana oil matters for investors

Stabroek is one of the most important growth stories in global oil. Exxon operates it with a forty-five percent stake, Hess holds thirty percent and China’s CNOOC the rest.

Output has already passed 900,000 barrels a day, and the partners are targeting one-point-seven million by 2030.

The new campaign is about finding the barrels for the decade after that, well beyond the projects now in build.

Hess’s stake adds a twist. Chevron has been buying the company, so the outcome of that deal decides who sits beside Exxon in the world’s hottest oil play.

For a nation of under a million people, the numbers are staggering. Oil has made Guyana the fastest-growing economy in the world, with revenue flowing into a sovereign wealth fund.

The forward signal is what to watch. Exxon planning wells into 2033 tells investors the company sees years of expansion left, while the cumulative review hints at how Guyana intends to manage it.

The risk that lingers is price. The fields are cheap to run, but a sustained drop in oil would still squeeze the revenue the country is banking its future on.

For now the trajectory points only one way. Each new application pushes Guyana’s production horizon further out, and the latest one stretches it into the 2030s.

Frequently Asked Questions

What is Exxon proposing off Guyana?

ExxonMobil has applied to drill up to 35 exploration and appraisal wells in the Stabroek block between 2028 and 2033. The wells would test how much more oil and gas the block holds beyond its seven sanctioned projects.

What is different about the regulatory review?

Guyana’s environmental agency opened a twenty-eight-day public consultation on June 14 and, for the first time, wants a cumulative impact study. That weighs the new drilling against all other offshore activity at once, rather than project by project.

Why does Guyana oil matter globally?

Stabroek output has passed 900,000 barrels a day and is heading toward one-point-seven million by 2030. For a country of under a million people, that has made Guyana the world’s fastest-growing oil economy.