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Venezuela Gives 90-Day Warning to Guyana Oil Producers

OIL

Venezuela has given oil producers in Guyana 90 days to cease operations in the disputed Essequibo province and its waters, according to Argus.

  • This follows a referendum in Venezuela where voters agreed to annex the territory which is long claimed by Venezuela.
  • Guyana officials have described Maduro's threats as an attempt to distract from a wide range of domestic challenges in Venezuela, saying its oil sector investors "have nothing to fear" from its neighbour, Argus reported.
  • Chief Executive Officer Darren Woods has said the major is focusing on producing oil as efficiently as possible to help support Guyana’s government.
  • US Secretary of State Anthony Blinken has reiterated US support for Guyana’s sovereignty and has spoken with Guyana’s President.
  • The region is the location of some of Guyana’s most promising oil fields, such as the 8bn boe offshore Starbroek Bloc. Guyana’s oil production is ramping up and has one of the fastest growing outputs.
Energy BulletsCommodities
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