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Guyana to Wait for ICJ Ruling Before Approving Drilling Near Venezuela

OIL
Energy BulletsCommoditiesExxon Mobil Market News

Guyana will not approve oil exploration in contested waters near Venezuela until the ICJ delivers its ruling on the country’s borders, according to Bloomberg.

  • Venezuela is claiming territory north of a 70-degree projected line beginning at Punta Playa on the border with Guyana.
  • Natural Resources Minister Vickram Bharrat said the government had refrained from issuing approvals to Exxon to do any exploration activities above that 70 degree line,
  • The part of the Stabroek Block north of the 70 degree line is under FM, Exxon’s country manager Alistair Routledge said.
  • Guyana will restrict oil-related activities south of that unverified border to prevent tensions from escalating further, Bharrat added.
  • The comments follow increasingly tough rhetoric from Venezuela regarding the Essequibo region, which it voted to annex in a consultative referendum last year.
  • The Essequibo region is oil rich and constitutes two thirds of Guyana’s current territory.
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Guyana will not approve oil exploration in contested waters near Venezuela until the ICJ delivers its ruling on the country’s borders, according to Bloomberg.

  • Venezuela is claiming territory north of a 70-degree projected line beginning at Punta Playa on the border with Guyana.
  • Natural Resources Minister Vickram Bharrat said the government had refrained from issuing approvals to Exxon to do any exploration activities above that 70 degree line,
  • The part of the Stabroek Block north of the 70 degree line is under FM, Exxon’s country manager Alistair Routledge said.
  • Guyana will restrict oil-related activities south of that unverified border to prevent tensions from escalating further, Bharrat added.
  • The comments follow increasingly tough rhetoric from Venezuela regarding the Essequibo region, which it voted to annex in a consultative referendum last year.
  • The Essequibo region is oil rich and constitutes two thirds of Guyana’s current territory.