ExxonMobil Plans Offshore Oil Exploration Despite Venezuela’s Past Incursions

News Americas, GEORGETOWN, Guyana, Thurs. Feb. 8, 2024: ExxonMobil, the US oil and energy giant, announces intentions to explore for oil offshore the Essequibo region, where Venezuelan gunboats previously chased seismic research vessels in oil concessions granted by Guyana six years ago.

Alistair Routledge, President of ExxonMobil Guyana, reveals plans to drill two exploration wells west of Liza and Payara. Despite tensions, Routledge assures that the exploration activities will proceed as planned.

Venezuela’s President Nicolas Maduro unilaterally extended the maritime boundary in 2015, leading to naval interceptions of research vessels in 2018. Despite concerns, Routledge affirms the legality of ExxonMobil’s agreement with Guyana under local and international law.

ExxonMobil plans to invest approximately US$60-70 million in each exploration well, with potential cost escalation for additional data gathering and stem drill tests.

Routledge welcomes the Argyle Declaration between Guyana and Venezuela, emphasizing collaboration between the US and Guyana in defence, diplomacy, and energy supply.

US Air Force Major General Evan L. Pettus recently visited Guyana to discuss air domain awareness and strengthen collaboration on airspace security.