Seismic research vessels hired by Exxon Mobil Corp. to explore for oil off Guyana’s coast have not returned to the site of a December incident with Venezuela’s navy, but they may in the future, Guyana’s foreign minister said Jan. 10.
Guyana, with no history of oil production, has become the focus of intense interest since Exxon Mobil announced the discovery of over 5 billion barrels of oil and gas off its shores. That has reignited a century-old territorial dispute with neighboring Venezuela. OPEC-member Venezuela’s crude output is near its lowest levels in 70 years amid an economic crisis.
In a speech at a trade union forum in the capital Georgetown, Foreign Minister Carl Greenidge said the Dec. 22 incident when the ships complied with Venezuela’s order to turn around—which both countries say took place within their territorial waters—would not necessarily hold back future exploration.
“They haven’t returned to the area. It doesn’t mean they can’t return in the future,” Greenidge said. “We’re not speaking in absolutes here.”
Other oil companies, including Spain’s Repsol SA, are active in offshore Guyana. Greenidge said Chevron Corp. had applied for a government license, without providing further detail.
Chevron does not comment on specific business opportunities, a spokeswoman said.
According to a notice posted on Guyana’s Maritime Administration Department’s website before the incident, the ships’ activities were expected to begin on Dec. 6, 2018, and conclude on Dec. 31. No new notice has been posted.
Venezuela’s Information Ministry did not immediately respond to a request for comment on Greenidge’s statements. In a press conference on Jan. 9, socialist President Nicolas Maduro praised the armed forces for intercepting the ships, noting that if it were not for their patrol, “one day we would get there and they would be taking oil.”
“Is a world like that viable, without respect for international law?” Maduro said.
Exxon Mobil declined to comment.
Recommended Reading
Keeping it Tight: Diversified Energy Clamps Down on Methane Emissions
2024-04-24 - Diversified Energy wants to educate on emission reduction successes while debunking junk science.
Darbonne: The ESG Sword: BlackRock's Life, Death by ESG
2024-04-17 - BlackRock, the $10 trillion investment manager, is getting heat for too much ESG investing, while shareholders are complaining it’s doing too little.
Fire Closes Atlas Energy’s Kermit, Texas Mining Facility
2024-04-15 - Atlas Energy Solutions said no injuries were reported and the closing of the mine would not affect services to the company’s Permian Basin customers.
Coalition Launches Decarbonization Program in Major US Cities, Counties
2024-04-11 - A national coalition will start decarbonization efforts in nine U.S. cities and counties following a federal award of $20 billion “green bank” grants.
Exclusive: Scepter CEO: Methane Emissions Detection Saves on Cost
2024-04-08 - Methane emissions detection saves on cost and "can pay for itself," Scepter CEO Phillip Father says in this Hart Energy exclusive interview.