Jun 21, 2026 Editorial, News

(Kaieteur News) – ExxonMobil is a company always on the go. Forward thinking, ever moving with new plans on how to take the fullest advantage of its stake in Guyana’s oil wealth. It is only halfway in 2026, and already the company has progressed to presenting its 5-year drilling plan for Guyana. What makes the planning of the oil giant so noticeable is that a 35-well oil hunt document is now before Guyana’s Environmental Protection Agency (EPA), and it covers from 2028 to 2033. Obviously, ExxonMobil is not wasting a second with its precious Guyana oil acreage, seeking to locate every barrel of oil that is in the Stabroek Block. One and a half year in advance, and five-year plan for drilling 35 wells sits with Guyana’s EPA.

Those 35 wells for exploration and appraisal purposes represent a huge leap by ExxonMobil. This is going to require many billions. This is why the company does not want to hear the word ring-fencing. When governments keep introducing expensive new projects, part of the scheme is to keep the corruption mill going. When foreign oil companies present their exploration and appraisal plans, for 5 or 35 new wells, the objective is to continue stripping 75% from the top of Guyana’s oil revenues. Spending in the billions opens the door for continued cost recovery to the tune of billions in US dollars. ExxonMobil’s Guyana gravy train delivers its riches without a pause. One well leads to a big discovery, or all 35 are dry, and neither development matters. Cost recovery goes on at its sweetening 75% from oil revenues straight to the company. Which oil company would agree to ring-fencing, when it has that kind of advantage?