ExxonMobil holds 35% of the rights in the Kaieteur block and is the operator of the block.
Ratio Guyana holds 25% of the petroleum rights in the Block.
Cataleya holds 25% of the petroleum rights in the Block.
Hess holds 15% of the petroleum rights in the Block.
The Kaieteur Block covers an area of approximately 13,500 sq km at water depths ranging between 2,800 and 3,800 meters.
During 2017, a 3D seismic survey was conducted covering an area of 5,750 km². The processing work on the seismic data has been completed and the data is currently being interpreted. The interpretation phase is expected to be completed during the first half of 2019.
In February 2019, ExxonMobil announced to Ratio Guyana that as part of the interpretation process of the seismic survey data and in accordance with the terms of the agreement, ExxonMobil decided to carry out exploratory well in the Kaieteur block, in a prospect located in the southern part of the block. ExxonMobil decision was made after a number of leads (in several stages of maturity) were identified in the block.
The Kaieteur Block is adjacent the Stabroek Block, where the Liza discovery was made by ExxonMobil in 2015. Liza was the first oil discovery in Guyana and 13 additional discoveries have since been made in the block area. To date, the total proven reserves in the block amount to more than 6 billion barrels of oil.
According to a United States Geological Survey report, the Guyana-Suriname Basin ranks second in the world in its prospective potential and could contain more than 12.5 billion barrels of oil.