• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 hours "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 15 hours "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 15 hours Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 11 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 4 days The Federal Reserve and Money...Aspects which are not widely known
  • 2 days "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 9 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 4 days "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 11 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 12 days Goldman Betting on Cryptocurrencies
  • 16 days Сryptocurrency predictions
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

ExxonMobil Faces Off With Venezuela’s Navy

Exxon has suspended exploration activities in the western part of the Stabroek block offshore Guyana after the Venezuelan Navy intercepted this weekend two exploratory vessels in what Caracas claimed was Venezuelan waters, Reuters reports, citing Guyana’s Foreign Ministry.

The Guyanese ministry’s statement claimed the incident had occurred in its territorial waters and slammed Caracas for the interception, which, according to Guyana, “violates the sovereignty and territorial integrity of our country.” The statement said Caracas’s behavior threatened Guyana’s economic development and called the interception an “illegal, aggressive and hostile act.” Guyana will report the case to the United Nations.

Caracas, for its part, said it has already told the United Nations about the run-in, which it said was in Venezuelan territory, adding the vessels had turned around after their crews were told they were out of Guyanese jurisdiction.

The territorial dispute between Venezuela and its tiny neighbor Guyana is not new: Caracas has claims to the offshore territory that Guyana opened up for oil exploration even though a tribunal in the past ruled it belonged to Guyana and Caracas initially accepted the ruling. Related: The Future Of Artificial Intelligence In Oil & Gas

Now, however, Exxon has discovered as much as 5 billion barrels in reserves in the Stabroek block, which has once again turned the attention of Venezuela to the disputed waters. For the supermajor, Guyana is a top priority after all these discoveries and a recent report by Wood Mackenzie says the tiny nation could become the second-largest oil producer in South America, behind only Brazil, surpassing Venezuela.

In the three years since Exxon won the rights to develop Stabroek, the company, together with its partner Hess Corp., has made 10 sizeable discoveries. There are another 17 prospects yet to be drilled, which could boost the reserve estimate for Stabroek even further.

Commercial production from Stabroek is slated to begin in 2020 at the first production well, Lisa-1, which is expected to pump 120,000 bpd of crude and natural gas.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News