Guyana’s oil reserves remain at 11 billion barrels – Ministry clarifies SEC reporting framework

The Ministry of Natural Resources says Guyana’s current oil reserves estimate remains at approximately 11 billion barrels, consistent with figures reported by operator ExxonMobil for the fiscal year ended December 31, 2025 and previously communicated through official government channels.

In a statement Tuesday, the ministry explained that ExxonMobil’s disclosures to shareholders are prepared under the U.S. Securities and Exchange Commission (SEC) framework, which uses a strict definition of “proved reserves.”

Under SEC rules, proved reserves refer only to quantities that can be demonstrated with reasonable certainty to be commercially recoverable under defined economic and operating conditions. The classification does not include contingent or prospective resources that remain subject to further appraisal, investment decisions and development sequencing.

The ministry noted that SEC proved reserves differ from a country’s broader discovered resource base and are sensitive to specific variables, including:

• Prescribed oil price assumptions

• Project cost structures

• Development timelines

• Engineering and technical revisions

As a result, changes in SEC proved reserves can occur due to development timing, cost adjustments or revised commercial assumptions — without indicating the sudden discovery of new resources.

The ministry further clarified that consolidated statements referencing additions to proved reserves — including 2.1 billion oil-equivalent barrels from extensions and discoveries “primarily in the United States and Guyana” — reflect ExxonMobil’s global portfolio.

Such summaries are not country-by-country or field-by-field breakdowns quantifying incremental proved reserves attributable solely to Guyana.

ExxonMobil’s reserves reporting also reflects volumes tied to production sharing and other non-concessionary agreements, calculated based on the company’s economic interest under contract terms.

Under these fiscal arrangements, reported reserve volumes can vary with price and cost dynamics because entitlement is influenced by cost recovery and profit-sharing mechanisms.

The ministry emphasized that this technical structure is another reason SEC proved reserves should not be interpreted as a direct measure of Guyana’s national reserves.

According to the ministry, Guyana’s petroleum governance framework requires structured reporting and oversight across exploration, appraisal, development, production and storage activities.

State engagement with operator activity and project progression is continuous and guided by statutory and contractual requirements.

The ministry said it remains committed to responsible petroleum management, transparent public communication and evidence-based stewardship of the country’s oil resources.