Press Release: Ministry of Natural Resources responds to Kaieteur News article on ExxonMobil Oil Reserves

The Ministry of Natural Resources wishes to set the record straight regarding a Kaieteur News article dated February 24, 2026 and headlined, “ExxonMobil reports growth in oil reserves to shareholders.”

The article advances a misleading interpretation of ExxonMobil’s shareholder disclosures and incorrectly implies that the information regarding the oil reserves is being withheld from the Guyanese public.

The ministry reiterates that Guyana’s current reserves estimate remains approximately 11 million barrels of oil (MMbbl), consistent with the operator’s reported reserves for the fiscal year ended 31 December 2025 and previously communicated through official government channels.

We also wish to note that ExxonMobil’s reporting to shareholders is prepared under the U.S. Securities and Exchange Commission (SEC) framework, which applies a strict definition of “proved reserves.” Under SEC rules, proved reserves are quantities that can be demonstrated, with reasonable certainty, to be commercially recoverable under defined economic conditions and operating assumptions. This is not the same as a country’s fully discovered resource base and it does not include contingent resources or prospective resources that remain subject to appraisal, investment decisions, and development sequencing.

Further, SEC proved reserves are highly sensitive to prescribed price and cost assumptions, project maturity and technical revisions. A change in SEC proved reserves can occur due to development timing, cost structure, or revisions in engineering and commercial assumptions, without implying that information has been concealed or that “new reserves” have emerged suddenly.

The consolidated statement referenced in the article, indicating additions to proved reserves, including 2.1 billion oil-equivalent barrels (OEB) from extensions and discoveries “primarily in the United States and Guyana”, is a portfolio-level summary across ExxonMobil’s global operations. It is not a country-by-country or field-by-field statement quantifying incremental proved reserves attributable to Guyana. Presenting that single consolidated figure as a definitive “Guyana reserves increase” is inaccurate.

Additionally, ExxonMobil’s reserves reporting includes volumes from production sharing and other non-concessionary agreements based on the company’s economic interest under the contract. Under these fiscal arrangements, reported reserves volumes may vary with price and cost dynamics because entitlement is shaped by cost recovery and profit-sharing mechanics. This further underscores why SEC proved reserves figures should not be simplistically interpreted as a direct statement of Guyana’s national reserves.

Guyana’s petroleum governance framework requires structured reporting and oversight across exploration, appraisal, development, production, and storage operations. The State’s engagement with operator activity and development progression is continuous and grounded in statutory and contractual requirements. The narrative that reserves information is inherently “kept quiet” from the State is therefore incorrect.

The Ministry of Natural Resources remains committed to responsible petroleum management, transparent public communication, and evidence-based economic stewardship. Media entities are urged to apply technical precision when reporting on these matters, clearly distinguishing between:

• SEC proved reserves reporting (a conservative, rules-based disclosure metric influenced by economics and project maturity), and
• National communications and project-specific updates (which reflect Guyana’s broader resource management and development trajectory).

The ministry will continue to provide credible and timely updates through official government channels in the national interest.