LatAmOil: ExxonMobil committed to Guyana despite Venezuelan vote

Darren Woods, the CEO of ExxonMobil (US), has given assurances that his company remains focused on continuing oil production in Guyana to the best of its ability in an effort to assist the South American country amid its border dispute with Venezuela.

The territorial controversy has existed since the 1800s, but Venezuela has been ramping up long-standing territorial claims since 2015, when ExxonMobil discovered oil at the Stabroek block off the coast of Guyana.

For his part, Guyana’s President Irfaan Ali has assured investors that their operations in the country will be protected. “Your investment is in a safe, democratic, stable country in which the rule of law prevails,” Ali declared.

ExxonMobil’s commitment to Guyana is a welcome sight for the oil sector and economy as a whole. The US super-major is the driver of the country’s burgeoning oil industry, as it holds a 45% stake and is the operator of the Stabroek block, which is home to Guyana’s only producing oilfields.