Latest update May 21st, 2024 12:59 AM
Feb 02, 2024 ExxonMobil, News, Oil & Gas
Kaieteur News – In response to Venezuela’s claim to Guyana’s mineral-rich Essequibo Region, the Chief Executive Officer (CEO) of China’s offshore giant CNOOC, Zhou Xinhuai during a recent press conference disclosed that the company is ready to protect its interest in the Stabroek Block.
The block is located approximately 200 kilometres offshore Guyana, covering 6.6 million acres and is estimated to hold some 11 billion barrels of oil. American oil giant-ExxonMobil Guyana is the operator of the Stabroek Block, owning 45 percent; Hess Corporation with 30 percent interest and CNOOC holds a 25 percent working interest.
Venezuelan President Nicolas Maduro had called on Exxon and others to exit the Essequibo Region. Maduro had issued a three-month ultimatum after he held a sham referendum on December 3, 2023. CNOOC’s CEO was asked during the press conference that in light of the border controversy between Guyana and Venezuela if this has had any impact on the company’s local production and operations.
CEO Xinhuai responded, “The first question is well raised. Indeed, the Guyana block is very important to us and is one of our highest-quality overseas assets.”
He clarified that CNOOC’s operations in the Kanuku Development is not located in the area that Venezuela claims. He continued, “That’s the first point. The second point is that we will actively collaborate with our partners and engage with relevant governments to plan a proactive response. In fact, looking at it now, the situation quickly settled down within a few tense days.”
CNOOC boss said the company still believes that, in accordance with relevant international standards, they will effectively safeguard their interests in the Guyana project.
“Thank you for your concern,” he concluded.
Recently, the United States threatened to reinstate sanctions on Venezuela oil sector. On December 14, 2023, following peace talks which were held between President Irfaan Ali and Venezuela’s President in St. Vincent and the Grenadines, both countries have agreed to deescalate tensions in the region. The talks culminated with the signing of the Joint Declaration of Argyle. Notably, Guyana’s leaders have affirmed their commitment to resolving the longstanding border controversy with Venezuela before the International Court of Justice (ICJ).
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