ExxonMobil restates commitment to Guyana, says not scared by Venezuela

eight of the 14 oil blocks that were put up in the recent auction round. The government is in the process of assessing those bids.

But last month, Venezuela said this bid round was illegal since there are maritime areas pending delimitation between the two countries.

It also noted that any arbitrary concession granted would be “unacceptable” and that “these actions do not generate any type of rights to third parties who participate in such a process.”

In spite of these claims, President of ExxonMobil Guyana Alistair Routledge said the company will continue its business dealings with the Guyana government once the terms are favourable to the company.

During a press conference at the company’s Georgetown Headquarters on Tuesday, Routledge recalled working in Venezuela and having personal dealings with the government there and said he was not fazed.

“We will not be scared away by Venezuela,” Routledge said positively as he shook his head in affirmation. He said ExxonMobil is committed to Guyana for decades to come and it will remain that way.

Routledge told reporters too that although the company submitted a bid through the recent auction, some concerns were raised about the terms.

ExxonMobil is now awaiting a response from the government but said once the bid is accepted, the company is willing to go ahead.

Meanwhile, Routledge said the oil major has offered its feedback on the new Production Sharing Agreement (PSA) to the government and made it clear that the company will not sign it in its current form.

Vice President, Dr. Bharrat Jagdeo recently said none of the groups seeking to search for and possibly produce oil at new blocks offshore expressed concern about Venezuela’s recent statements rejecting Guyana’s inaugural auction.

Guyana and Venezuela are currently before the International Court of Justice (ICJ) seeking a juridical settlement to the border controversy where Venezuela claims two-thirds of Guyana, including its oil-rich maritime space.

ExxonMobil, undaunted by Venezuela, is also moving ahead with its sixth development in the Stabroek Block – Whiptail.

Only last week, the company submitted its field development plan to the government and said it is happy that the process for development is underway on all regulatory fronts.

When it comes on stream by the end of 2027, there will be a total installed capacity to produce 1.2 million barrels of oil per day and the possibility of 10 Floating Production Storage and Offloading Vessels in the Stabroek Block