Latest update May 14th, 2026 12:35 AM
Latest News
Exxon tells Maduro “We ain’t backing down”
– remains committed to agreement with Guyana
By Kiana Wilburg
Kaieteur News – ExxonMobil Guyana Limited said in a statement on Monday that it is not backing down from its plans to develop the 11 billion barrels of oil equivalent resources discovered in the Stabroek Block.
The statement is a stinging response to recent threats by Venezuela’s President, Nicholas Maduro for Exxon and others to exit the Essequibo Region. An unfazed Exxon said: “We are not going anywhere.”
The oil giant added, “Our focus remains on developing the resources efficiently and responsibly, per our agreement with the Guyanese Government.”
Readers would recall that Maduro’s three-month ultimatum was given after he held a sham referendum on December 3, 2023. The referendum which sought to galvanise support from his people to annex Guyana’s mineral-rich Essequibo was only supported by a mere 11 percent of the voting populace. Following his referendum, Maduro announced a slew of measures that would be taken to advance his quest for the Essequibo region. In addition to the ultimatum, Maduro instructed his administration to set up two state-owned divisions that would begin exploring for oil, gas, gold and other minerals. He has also instructed his parliament to pass a law that would allow for the governing of the region, making it a new state within Venezuela’s territory. The top brass in Guyana’s government, President, Dr. Irfaan Ali; Vice President, Dr. Bharrat Jagdeo; and Attorney General and Minister of Legal Affairs, Anil Nandlall have all urged companies to ignore Venezuela’s threats. They have all said, if Venezuela continues along this reckless path, then Guyana can make calls for sanctions.
Guyanese authorities have already informed the International Court of Justice (ICJ) of Venezuela’s disregard for its provisional orders which state that no action should be taken to alter Guyana’s control over the Essequibo Region. The United Nations Security Council has also been informed of Venezuela’s actions.
Since Guyana’s announcement of oil being discovered in the Stabroek Block, Venezuela has engaged in a series of aggressive tactics which have increased in recent times. These actions included the deployment of troops near the border and threatening statements to deter investors from partaking in Guyana’s maiden auction.
Irrespective of Venezuela’s posture, Guyanese authorities have maintained that they will zealously protect, every inch of the nation. They have also stressed that nothing shall stymie Guyana’s development. Exxon, in partnership with Hess Corporation and CNOOC Petroleum Guyana Limited, has been able to bring three oil producing projects on stream. The Liza Phase One and Liza Phase Two Projects currently produce about 400,000 barrels of oil. The Payara Project which started producing in November, is expected to push the nation’s output to 600,000 barrels of oil per day.
Yellowtail and Uaru, the fourth and fifth projects, are in progress and will each have a production capacity of approximately 250,000 gross barrels of oil per day. The operator is currently working with the Government of Guyana to secure regulatory approvals for a sixth project at Whiptail. In total, six FPSOs with a gross production capacity of more than 1.2 million barrels of oil per day are expected to be online on the Stabroek Block by the end of 2027, with the potential for up to 10 FPSOs to develop the estimated gross discovered recoverable resources of more than 11 billion barrels of oil equivalent.
Share this:
Discover more from Kaieteur News
Subscribe to get the latest posts sent to your email.
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Sir. Ronald Sanders
The GHK Lall Column
Weekend Cartoon
