Latest update July 22nd, 2026 12:47 AM
Sep 23, 2023 ExxonMobil, News, Oil & Gas
…As Guyana stands firm on sovereign right to conduct oil blocks auction
Kaieteur News – Venezuela’s National Assembly approved a Consultative Referendum on Thursday which paves the way for people to decide on the country’s spurious claims over Guyana’s Essequibo region.
According to BNN Newsroom, the decision to hold a referendum is a strategic one, aiming to bolster Venezuela’s position on the international stage. It also seeks to involve and enlighten its populace about the ongoing territorial controversy with Guyana.
It should be noted however that the result of such a referendum does not alter the status quo of ownership over the Essequibo territory which rightfully belongs to Guyana. Guyanese authorities have since called on the International Court of Justice (ICJ) to address Venezuela’s erroneous claims which have heightened in recent days.
Just recently, the Venezuelan government issued a statement saying that it strongly rejects Guyana’s ongoing bid round for 14 oil blocks, eight of which have attracted bids from six groups of oil companies. The Venezuelan administration said the move by Guyana is illegal.
The missive added, “The Bolivarian Republic of Venezuela reiterates that any illicit and arbitrary concession that Guyana grants, has granted or intends to grant in the areas in question is unacceptable and violates its sovereign rights, and warns that these actions do not generate any type of rights for third parties to participate in this process.”
Guyana’s Head of State, Dr. Irfaan Ali categorically stated however that his administration is entitled to pursue economic development within the nation’s maritime borders. The President said, “The Government of Guyana reserves the right to pursue economic development activities in any portion of its sovereign or any appurtenant maritime territories. Any unilateral attempt by Venezuela to restrict the exercise by Guyana of its sovereignty and sovereign rights will be wholly in consistent with the Geneva Agreement and the rule of international law.”
Vice President, Dr. Bharrat Jagdeo also stated yesterday that Guyana will not back down from exploiting its resources which are within its maritime borders. He also noted that the bidders have not expressed any concern regarding Venezuela’s latest tactic.
The official said, “We have not heard from any of the bidders that they’re concerned about the statement and it’s not surprising that Venezuela would issue such a statement. They have done so almost for every major event when we have tried to utilize the economic resources of our country both on land and in our Exclusive Economic Zone (EEZ).”
The Vice President was also keen to remind that Venezuela’s aggression has been met with the appropriate response of rejection from the Guyana Government as well as from the Organization of American States (OAS) and other key stakeholders.
The chief policymaker for the oil sector confirmed that Guyanese authorities will press on with the licensing round, adding there will be no baking down since the 14 blocks on auction are all within the country’s EEZ.
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