Guyana’s president denounces Venezuelan incursion in offshore oil field operated by ExxonMobil

On February 29, 2025, Guyana’s President Irfaan Ali condemned an incursion by a Venezuelan coastguard vessel into Guyanese waters, approaching an offshore oil facility operated by ExxonMobil. This incident has escalated tensions between the neighboring countries, rooted in a longstanding territorial dispute over the mineral-rich Essequibo region.

The Incident

According to reports, a Venezuelan naval vessel entered Guyana’s Exclusive Economic Zone (EEZ) and neared a floating production storage and offloading (FPSO) unit within the Stabroek Block, where ExxonMobil and its partners—Hess Corporation and China’s CNOOC—are extracting oil. President Ali labeled this action a “grave concern,” emphasizing that Guyana’s maritime boundaries are internationally recognized. In response, Guyana summoned the Venezuelan ambassador in Georgetown to lodge a formal protest and notified international allies, including the United States and the Organization of American States (OAS).

Venezuela’s Stance

Venezuelan Vice President Delcy Rodríguez refuted Guyana’s claims, asserting that the waters in question are part of a maritime area pending delimitation under international law. Rodríguez further described ExxonMobil’s oil installations in the disputed territory as “illegal.”

International Reactions

The OAS condemned Venezuela’s actions, reaffirming support for Guyana’s sovereignty and territorial integrity. The United States also expressed concern, warning of potential consequences for the Maduro regime should further provocations occur.

Historical Context

The territorial dispute between Guyana and Venezuela dates back over a century, centering on the Essequibo region, which comprises about two-thirds of Guyana’s landmass. In 1899, an arbitration tribunal awarded the territory to Guyana, a decision Venezuela has since contested, claiming it was unjustly deprived of the area. The discovery of significant oil reserves offshore Guyana in 2015 by an ExxonMobil-led consortium has intensified the dispute, with Venezuela renewing its claims over the region.

Recent Developments

In December 2023, Venezuela held a referendum asserting its claim over the Essequibo region, a move Guyana deemed provocative and illegal. The International Court of Justice (ICJ) is currently deliberating on the validity of the 1899 arbitral award, with Guyana seeking a definitive legal resolution to the dispute.

Economic Implications

Guyana’s burgeoning oil industry has transformed its economy, with production reaching approximately 645,000 barrels per day. The Stabroek Block alone is estimated to contain over 11 billion barrels of recoverable oil. This rapid development has attracted global attention and investment, positioning Guyana as one of the world’s fastest-growing economies.

Security Concerns

The recent incursion has heightened security concerns in the region. Guyana has initiated military measures, including deploying air and coastguard assets, to safeguard its offshore oil installations. The country is also enhancing defense collaborations with international partners, notably the United States, to bolster its maritime security capabilities.

Diplomatic Efforts

Both nations have engaged in diplomatic dialogues under the auspices of the United Nations to resolve the territorial dispute peacefully. However, incidents like the recent naval incursion complicate these efforts, underscoring the fragile nature of bilateral relations. The international community continues to advocate for restraint and adherence to international legal frameworks to prevent further escalation.

Conclusion

The Venezuelan incursion into Guyana’s offshore oil fields represents a significant escalation in the longstanding territorial dispute between the two countries. As Guyana’s oil industry continues to grow, the stakes of the dispute have risen, attracting international attention and concern. The resolution of this conflict hinges on diplomatic negotiations and legal adjudication by international bodies like the ICJ. In the interim, both nations must exercise restraint to maintain regional stability and uphold international law.