A Review of the Nigerian Energy Industry

Venezuela blasts Guyana offshore drilling

10 June 2015, News Wires – A long-running dispute over maritime borders between South American neighbours Guyana and Venezuela is escalating in the wake of a recent ExxonMobil discovery as the Opec member has demanded an end to oil-exploration work.

Venezuelan President Nicolas Maduro
Nicolas Maduro, Venezuelan President

“Until there is a resolution of the issue of territorial reclamation… there can be no unilateral use of these waters,” foreign minister Delcy Rodriguez was quoted as saying.

“The new government of Guyana shows a dangerous political provocation against a peaceful Venezuela, supported by the imperial power of an American transnational, ExxonMobil,” she said, referring to Guyanese authorities elected in May.

The comments, cited by Reuters, follow ExxonMobil’s “significant” discovery last month at its Liza wildcat, which unearthed about 300 feet of oil pay.

The US supermajor’s announcement spurred complaints from Caracas that Guyana is unfairly exploiting a disputed territory that must be negotiated through a mechanism created via a 1966 treaty signed in Geneva, the news wire said.

ExxonMobil declined to comment on the bilateral dispute.

The sparsely populated and dense jungle area known as the Essequibo encompasses an area equivalent to around two-thirds of Guyanese territory. It functions in practice as part of Guyana and shows no discernable trace of Venezuelan influence.

Guyana says Caracas agreed to relinquish the Essequibo following a ruling by an international tribunal in 1899, but that Venezuela later backtracked on that decision.

Venezuela says the 1899 ruling was unfair and insists the territory is still in dispute. Maps in Venezuela usually describe the Essequibo as the “reclamation zone”.


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