Feb. 25 (oilnow.gy) The Ministry of Natural Resources late Tuesday said Guyana’s oil reserves remain at about 11 billion barrels, rejecting claims that updated figures were being withheld from the public.
The statement responds to a February 24, 2026 article by Kaieteur News headlined, “ExxonMobil reports growth in oil reserves to shareholders.” The ministry said the article misinterpreted disclosures by ExxonMobil and implied that reserves data was being concealed.
The ministry said Guyana’s current reserves estimate is consistent with the operator’s reported reserves for the fiscal year ended December 31, 2025 and has already been communicated through official government channels.
It explained that ExxonMobil’s reporting to shareholders follows the framework of the U.S. Securities and Exchange Commission (SEC), which applies a strict definition of “proved reserves.” Under those rules, proved reserves are quantities that can be demonstrated, with reasonable certainty, to be commercially recoverable under defined economic conditions and operating assumptions.
The ministry said this measure is not the same as a country’s fully discovered resource base and excludes contingent and prospective resources that remain subject to appraisal and development decisions.
It noted that SEC proved reserves are sensitive to price and cost assumptions, project maturity and technical revisions. Changes in reported volumes can result from development timing, cost structures or engineering and commercial updates. Such changes do not mean information was concealed or that new reserves suddenly emerged.
The statement also addressed a consolidated figure referenced in the article, which cited 2.1 billion oil-equivalent barrels from extensions and discoveries “primarily in the United States and Guyana.” The ministry said this is a portfolio-level summary across ExxonMobil’s global operations and “is not a country-by-country or field-by-field statement quantifying incremental proved reserves attributable to Guyana.”
It added that ExxonMobil’s reserves reporting includes volumes from production sharing and other non-concessionary agreements based on the company’s economic interest. Under these fiscal arrangements, reported reserves may vary with price and cost dynamics because entitlement is shaped by cost recovery and profit-sharing mechanisms.
The ministry said Guyana’s petroleum governance framework requires structured reporting and oversight across exploration, appraisal, development, production and storage. “The narrative that reserves information is inherently ‘kept quiet’ from the State is therefore incorrect,” it stated.
ExxonMobil Guyana President Alistair Routledge had said the Stabroek Block reserves estimate remains around 11 billion barrels despite additional discoveries. He noted that ongoing testing and modeling can shift figures up or down, but not all resources in place are technically recoverable.
Brazil Energy Insight 
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