México

Guyana

Trinidad
& Tobago




Very usefull links



PW
Bookstore





News links

AP

AFP

Aljazeera

Dow Jones

Oil price

Reuters

Bloomberg

Views and News
from
Norway

 

 

 

Exxon continues drilling offshore Guyana as Venezuela lodges complaint

 

 


By Luc Cohen / Reuters

CARACAS
Petroleumworld 12 27 2018

Exxon Mobil Corp said on Wednesday its oil drilling and development activities offshore Guyana were unaffected by a weekend incident in which Venezuela's navy stopped two exploration vessels the company had hired.

Venezuela's navy halted seismic data collection by the boats on Saturday. The governments of each of the two South American neighboring countries said the exploration vessels were in their territorial waters.

A century-long border dispute has heated up in recent years as Irving, Texas-based Exxon has discovered more than 5 billion barrels of oil and gas off Guyana's shores and said it could be producing 750,000 barrels of oil by 2025 from wells there.

Its 10 oil finds are at least 110 km (68 miles) away from the northwest part of the Stabroek block where the incident took place, the company said. The company has a permit from Guyana to explore the Stabroek block.

“Exploration and development drilling is continuing in the southeast area of the Stabroek Block,” the company said in a statement. An Exxon spokeswoman declined to say whether the two vessels, owned by Norway's Petroleum Geo-Services, planned to continue their survey.

Exxon shares rose about 4 percent on Wednesday as oil prices jumped, both recovering from sharp declines earlier in the week. Hess Corp, which owns 30 percent of the project, also surged 9.3 percent after plunging more than 12 percent on Monday.

Markets were closed on Tuesday for the Christmas holiday.

Venezuela's foreign ministry said in a statement on Wednesday that it had sent a formal protest to Guyana's government over its decision to allow “unilateral and arbitrary” exploration and other activities in the area without consultation.

The ministry said it had previously protested to Georgetown over a “notice to mariners” that it said was issued Dec. 6 and which it said detailed how Exxon's Guyana subsidiary would start a seismic survey in the area lasting until Dec. 31. Guyana's foreign ministry did not immediately respond to a request for comment.

A notice of the survey published on Guyana's Maritime Administration Department's website was dated Dec. 7, and said the work was scheduled for a six-month period. Venezuela's information ministry did not immediately respond to a request for comment on the discrepancies over the dates.

In OPEC-member Venezuela, crude output is near its lowest levels in 70 years amid an economic crisis and mismanagement under military rule.

Critics say socialist President Nicolas Maduro is using the dispute over the Essequibo, a sparsely populated jungle region making up two-thirds of Guyana's land which Venezuela also claims, to distract from hyperinflation and shortages of basic goods that have prompted millions of Venezuelans to emigrate.

 


________________________


We invite you to join us as a sponsor. Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

________________________

Reporting by Luc Cohen; Editing by Jonathan Oatis and Rosalba O'Brien from Reuters.

reuters.com 12 26 2018

 

Hit your target - Advertise with us

PW 300.000 plus request per week

Copyright© 1999-2018 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.

 

Write to editor@petroleumworld.com



By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1


 

TOP

Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld ™  / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.