& Tobago

Very usefull links


News links




Dow Jones

Oil price



Views and News




International court of Justice to rule on Venezuela ship interception offshore Guyana -Hess CEO



By Starr Spencer / Platts


Petroleumworld 01 31 2019

The arbitration of the interception of an ExxonMobil-chartered seismic ship offshore Guyana by the Venezuelan navy in December will move to an international court for resolution, John Hess, the CEO of Hess, a member of the ExxonMobil-led consortium, said Wednesday.

The December 22 confrontation ended a few hours after the Venezuelan navy ship moved away from the area a few hours after confronting the seismic vessel. But in early January, Guyana's foreign affairs minister, Carl Greenidge, speaking to the country's National Assembly, called formally upon Venezuela to present its case to be arbitrated before the International Court of Justice in The Hague.

The incident occurred in the northwest portion of the Stabroek Block, more than 68 miles from the nearest of 10 oil discoveries made by the ExxonMobil-led consortium offshore Guyana since May 2015. The incident took plance about 120 miles from the first infrastructure for the project, now under construction by the consortium, which also includes China's CNOOC. The development, Liza Phase 1, targets first oil early next year.

ExxonMobil owns 45% of Stabroek and operates the block, while Hess owns 30% and CNOOC has 25%.

At the time of the incident last month, Guyana's government called the Venezuelan navy's interception of the seismic vessel "illegal, aggressive and hostile," adding it was a "real threat to Guyana's economic development." The two countries have disputed areas offshore the Guyana coast even though the issue was settled by arbitration in 1899.

On Wednesday during Hess' Q4 2018 earnings conference call, John Hess said exploration and development continues in southeast Stabroek, where most of his consortium's discoveries have occurred.

The activities related to Liza Phase 1 development, which is expected to produce up to 120,000 b/d of oil equivalent, are "unaffected," John Hess said.

"The issue is "diplomatic and will have to be handled by the court," Hess added. "The United Nations "fully supports the Guyanese position, the United States fully supports the Guyanese position, as well as CARICOM" -- the Caribbean Community, an organization made up of 15 Caribbean nations.

"But at the end of the day we're fully optimistic and encouraged that the Guyanese position will prevail," Hess added.

ENI's 2018 World Oil Review put Venezuela's oil reserves at nearly 303 billion barrels, ranking it first globally. But the country's production has been falling after widespread political and social chaos in the Latin American country. In December, the country pumped just 1.17 million b/d, according to S&P Global Platts' most recent survey.


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.


Edited by Starr Spencer ; Edited by Richard Rubin from Platts / SPGlobal.

01 30

Hit your target - Advertise with us

PW 300.000 plus request per week

Copyright© 1999-2019 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



Contact: editor@petroleumworld.com,

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

CopyRight © 1999-2019, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2019, 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.