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Exxon Plans for Guyana Exploration Risks Stoking Tensions with Venezuela

OIL

ExxonMobil has insisted that it will explore the oil rich Essequibo region, contested between Guyana and Venezuela, despite risks that the move could escalate regional tensions, according to The Guardian.

  • “The truth is that this announcement couldn’t come at a worse time,”said Geoff Ramsey, a senior fellow at the Atlantic Council.
  • ExxonMobil said Feb. 6 that it plans to proceed with plans to drill two new exploratory wells off Guyana’s Atlantic coast.
  • While Guyana and Brazil agreed in December that they would not use military force, a lasting solution remains elusive.
  • Guyana’s production is forecast to reach 1.2m b/d by 2027.
  • An Exxon led consortium, responsible for all of Guyana’s crude extraction, is now producing around 645k b/d at present, up from 400k b/d in late-2023 according to the US producer Feb. 6.
Energy BulletsCommodities
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