ExxonMobil has ramped up its offshore exploration activities in Guyana’s resource-rich Stabroek Block with the drilling of two new wells — Hamlet-1 and Lukanani-2 — as the company seeks to build on the more than 11 billion barrels of recoverable oil already discovered in the region.
Drilling operations at Hamlet-1 commenced on June 15, 2025, utilizing the Stena Carron drillship. Positioned roughly 193 kilometers southeast of the Guyanese coastline, Hamlet-1 is viewed as a high-potential prospect that could unlock additional reserves. The well is part of ExxonMobil Guyana Limited’s (EMGL) broader 2025 exploration and development strategy, which includes up to 30 development wells across key projects such as Yellowtail, Uaru, and Whiptail.
At the same time, Exxon is conducting appraisal work at Lukanani-2, building on its 2022 discovery of hydrocarbon-bearing sandstone formations at Lukanani-1. The Stena Carron, which recently completed drilling at the Barreleye-2 site, is leading operations for both Hamlet-1 and Lukanani-2.
EMGL operates the Stabroek Block with a 45% stake, in partnership with Hess Guyana (30%) and CNOOC Petroleum Guyana (25%). The block is central to Guyana’s burgeoning oil industry, currently producing around 650,000 barrels per day from three floating production storage and offloading (FPSO) units: Liza Destiny, Liza Unity, and Prosperity. The upcoming Yellowtail development, expected to come online by 2027, is projected to lift total output to 810,000 barrels per day. ExxonMobil also aims to deploy at least five additional FPSOs in the area by 2030.
However, political developments could temporarily delay further expansion. Vice President Bharrat Jagdeo has announced that no new oil block licenses or major gas agreements will be signed before the country’s general elections on September 1. As a result, negotiations with Fulcrum LNG — the lowest bidder for an offshore gas gathering system — as well as talks with winners from Guyana’s first competitive offshore licensing round, will be suspended until after the vote.
The pause introduces a short-term uncertainty into Guyana’s otherwise fast-paced energy sector, even as ExxonMobil and its partners continue to aggressively develop existing assets.
