ExxonMobil is unwavering in its Guyana exploration and production despite Venezuelan President Nicolás Maduro’s territorial claims.
Liam Mallon, President of ExxonMobil Upstream, confirmed the focus on their contracted area in a Bloomberg TV interview.
Exxon now yields about 645,000 barrels daily in Guyanese waters, a stark increase from five years ago.
Mallon underlined Exxon’s commitment to Guyana’s development, emphasizing the company’s long-term presence.
He remarked that governments should resolve border issues.
Following his referendum claim over the Essequibo region, Maduro recently cautioned Exxon against operating near an undemarcated border area.
Despite Venezuela’s claims, Exxon’s 2024 exploration will avoid contested areas.
Guyana, backed by the US and many Western nations, is defending its territory in the International Court of Justice.
Exxon anticipates a final investment decision on its sixth Guyanese offshore field soon, with government approval pending.
Additionally, a pipeline project set to reduce Guyana’s electricity costs by half and lower emissions is nearing completion.
Background
Delcy Rodríguez, Venezuela’s Executive Vice President, strongly objected to Alistair Routledge, ExxonMobil Guyana President, supporting the US military presence in Guyana.
This issue arises amid a territorial dispute over the Esequibo region, where ExxonMobil is drilling for oil.
Rodríguez accused ExxonMobil of endorsing an “illegitimate path” via the International Court of Justice, asserting that US-Guyana military cooperation shields the company’s operations.
Under Guyanese and international standards, Routledge defended ExxonMobil’s lawful activities in the disputed Stabroek Block.
He also mentioned that ExxonMobil has invested over $29 billion in Guyana’s oil sector and plans further investments.