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Venezuela vows Forceful Response if Drilling Begins in Disputed Region

OIL

Venezuela has vowed to respond forcefully if drilling to start in the contested waters off Guyana, according to the AFP.

  • "In the maritime space that rightfully belongs to Venezuela, they will receive a proportional, forceful response that adheres to the law," Venezuelan Defence Minister Vladimir Padrino wrote on X.
  • The statement followed an announcement by ExxonMobil that they would drill two exploratory wells off the coast of the Essequibo region.
  • The territory composes two thirds of Guyana, but Venezuela claims it as its own, passing a non-binding referendum in December to annex the territory.
  • Following the referendum, Venezuela gave oil producers 90 days to cease production in the territory holding around 8b bbl of reserves.
  • Tensions had eased following an agreement in Brazil in January, where both sides agreed not to use force to resolve the issue.
  • Guyana is the fastest growing oil producing region, currently extracting around 645k b/d.
Energy BulletsCommodities
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