Oil Producers Moving Ahead Despite Venezuela Threat: Guyana President

Oil majors are moving ahead with production plans in Guyana despite threats from Venezuela, according to its President Irfaan Ali, cited by Bloomberg.

• “There’s absolutely no slowing down [in production plans]” he said….” We are on the right side of international law, on the right side of ethics, and on the right side of history.”
• Venezuela had given oil producers in the Essequibo region 90 days to cease production in the territory. It claims sovereignty over the area following a referendum to annex the territory.
• The region is home to around 8 billion boe of reserves whose exploration is being led by Exxon Mobil.
• ExxonMobil’s CEO Darren Woods said in a CNBN interview that Guyana has the support of the international community and “From our perspective…we need to develop those resources…and do what we are contracted to do.”