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Guyana/ Venezuela border controversy won’t have any material impact on oil operations – Exxon Boss
ExxonMobil Corporation Chief Executive Officer (CEO), Darren Woods
Kaieteur News – American oil giant, ExxonMobil Corporation Chief Executive Officer (CEO), Darren Woods, remains unfazed by the territorial controversy between Guyana and Venezuela, asserting that it won’t hinder the oil giant’s activities in the region.
On Tuesday, in an exclusive interview with Axios at the CERAWeek by S&P Global conference in Houston, Texas, Woods shed light on Exxon’s considerations regarding the expansion of low-carbon initiatives amidst the evolving energy landscape.
Despite geopolitical tensions, Woods also expressed confidence in the multi-stakeholder efforts aimed at mitigating the border controversy, highlighting that such endeavors instill assurance that operations will proceed unaffected.
He underlined Exxon’s commitment to continue its development of massive offshore oilfields in Guyana, undeterred by external geopolitical challenges.
Woods said, “managed and contained, and won’t have a material impact on what we’re doing.”
ExxonMobil currently operates the Stabroek Block alongside partners, Hess Corporation and CNOOC Petroleum Guyana Limited. In the block measuring 6.6 million acres, the consortium has already unlocked over 11 billion barrels of oil equivalent resources.
Venezuela is claiming more than half of Guyana’s territory, the resource-rich Essequibo region. Exxon and several other foreign companies’ operations are located in the Essequibo region.
In March 2018, Guyana submitted an application to the the International Court of Justice (ICJ), seeking a final and binding judgment on the validity of the 1899 Arbitral Award (which settled the border between then British Guiana and Venezuela).
Amid high tensions last year, President Irfaan Ali and President Nicolas Maduro met and on December 14, signed the Argyle ‘Peace’ Declaration.
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