GUYANA · MARKETS
Key Facts
- The country Guyana is a small South American nation that has become a major offshore oil producer.
- What happened A permit dated 23 September 2026 authorises ExxonMobil to drill the Jacunda-1 well offshore Guyana.
- The term The permit runs five years, from 23 September 2026 to 22 September 2031.
- The context Jacunda-1 is described as the 22nd well under the 35-well programme approved in 2023.
- What is unknown We found no public statement on when Jacunda-1 will be drilled or what it targets.
Guyana’s Environmental Protection Agency (EPA) has issued ExxonMobil a permit to drill a new offshore exploration well called Jacunda-1, according to local reports of a permit document dated 23 September 2026. The American oil major operates the Stabroek Block, the offshore area that has made Guyana one of the world’s fastest-growing oil producers.
For US readers, the permit matters because ExxonMobil is a US-listed company and the operator of Guyana’s main oil fields. More wells mean more potential supply for its Stabroek partners, which include the US major Chevron through its Hess unit.
What the Permit Allows
The permit allows offshore petroleum exploration drilling of the Jacunda-1 well within the Stabroek Block prospecting licence area. It describes the well as the 22nd under the 35-well programme that the agency approved in 2023.
The authorisation is valid for five years, from 23 September 2026 to 22 September 2031. Exxon must hand over location coordinates and well data, including depth and water depth, within 45 days after drilling ends.
The Drillship at Work
Exxon is using the Stena Carron, a drillship (a vessel built to drill wells at sea), for its exploration work in the block. The company has drilled at least four exploration wells in Guyana this year.
Earlier in 2026, Exxon also applied to the EPA to drill up to 35 more exploration and appraisal wells, in a campaign planned for 2028 to 2033. That request was still under review as of June.
Where the Discoveries Stand
Guyana’s Minister of Natural Resources, Vickram Bharrat, has confirmed that Exxon recently made a discovery at the Rockhead-1 well, next to Ranger-1, an earlier oil find from 2018. He said tests are under way to establish how much oil the well holds.
Exxon puts the Stabroek Block’s recoverable resources at about 11 billion barrels of oil equivalent. Resources are oil that could be produced, not oil already being produced.
What It Means for You
If you own shares in ExxonMobil or Chevron, each new exploration well is a step toward future production, but a well only becomes revenue after a discovery is judged commercial and a development is approved. That process takes years, so the permit alone does not change near-term earnings.
Travellers and expats in Guyana will see little change from a permit for a well far offshore. The bigger effect is on government income, because Guyana’s oil money has become central to its economy.
What Is Not Known
We could not find the permit document on the agency’s website, or a public statement on when Jacunda-1 will be drilled. It is also not known whether the permit is linked to the Rockhead-1 discovery.
Exxon has not published its resource estimate for Rockhead-1, and the minister said the size will depend on test results. Whether it could become the next development in the block is undecided.
More: Guyana news in English, every day from The Rio Times.
Frequently Asked Questions
What Permit Did ExxonMobil Get in Guyana?
Guyana’s Environmental Protection Agency issued a permit, dated 23 September 2026, to drill the Jacunda-1 exploration well in the Stabroek Block. It is valid for five years.
What Is Jacunda-1?
It is an offshore exploration well that the permit describes as the 22nd under a 35-well programme. Exxon is using the Stena Carron drillship for exploration in the block.
What Is the Stabroek Block?
It is the large offshore oil area where ExxonMobil is the operator. Exxon puts its recoverable resources at about 11 billion barrels of oil equivalent.
What Did Guyana’s Minister Say About Rockhead-1?
Minister Vickram Bharrat said Exxon recently made a discovery there, beside Ranger-1, an earlier oil find from 2018. He said tests will show how much oil it holds.
Sources: Environmental Protection Agency of Guyana, environmental authorisation for the Jacunda-1 exploration well, 23 September 2026; Ministry of Natural Resources of Guyana, statement by Minister Vickram Bharrat on the Rockhead-1 discovery, 2026; ExxonMobil, Stabroek Block exploration programme.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief