ExxonMobil rejects claims that oil discoveries were hidden, says all required disclosures were made

ExxonMobil Guyana Limited (EMGL) has rejected suggestions raised in a recent media report that the company or the Government concealed new oil discoveries in the Stabroek Block. In a statement issued on Sunday, the company described the claims as “inaccurate and misleading,” insisting that all discoveries were properly reported to the authorities in keeping with Guyana’s regulatory requirements.
The company explained that it is legally required to submit a Notice of Discovery to the Ministry of Natural Resources for every hydrocarbon find, regardless of size or commercial value, and said it has fully complied with this obligation.
According to EMGL, the three wells referenced in the Ministry of Finance’s 2025 Mid-Year Report were disclosed to the Government through this formal process. EMGL noted that this is why the wells appeared in the Mid-Year Report, even though they had not been announced publicly. The company further clarified that it publicly announces only discoveries deemed “significant”, that is, discoveries that materially affect development planning or resource estimates. The wells mentioned in the Mid-Year Report did not meet that threshold, EMGL said, adding that it has publicly announced more than 30 major discoveries to date, while filing 51 Notices of Discovery with the Ministry. “This reflects our commitment to transparency and regulatory compliance,” the statement said.
EMGL also reiterated that it remains committed to operating responsibly and transparently in alignment with Guyana’s contractual and regulatory framework.
The company’s clarification follows public discussion prompted by a recently published article that highlighted the inclusion of three new Stabroek Block discoveries in the Government’s Mid-Year Report. The article questioned why no public announcements had been made for the year and raised broader concerns about transparency in the management of Guyana’s oil resources. It pointed to the report’s statement that “three discoveries were made in the Stabroek Block in 2025,” including two during the first half of the year, and noted that exploration and appraisal activities remain ongoing.
The media report also referenced commentary from public officials and industry observers who have, in the past, questioned the pace and consistency of updates to Guyana’s estimated oil reserves. Over the years, there have been periodic discussions, both within policy circles and among civil society stakeholders- regarding how reserve estimates are calculated, who verifies them, and how they relate to long-term planning issues such as decommissioning costs. Some of these concerns resurfaced in the wake of the Mid-Year Report’s publication.
ExxonMobil, for its part, maintains that its reserve estimates and disclosures follow established industry practice and that differences between the company’s figures and the Government’s occasionally occur because the State conducts independent assessments using the data supplied by the operator. EMGL has previously stated that its current estimate remains “a little under 11 billion oil equivalent barrels,” while the Government’s latest figure stands at 11.6 billion.