Monday, June 16, 2025

Latest

Venezuela Gives ExxonMobil 90 Days To Leave Disputed Waters Off Guyana Coast

Venezuela has stepped up its tempo in relation to the ongoing dispute with Guyana over the Essequibo region. The country has now reportedly told ExxonMobil (NYSE: XOM) and other offshore oil producers in the region that they have 90 days to stop operations in the disputed waters off the coast of Guyana.

The development follows reports from yesterday that it directed state-owned companies to begin the exploration of oil, gas, and mines within Essequibo. To facilitate this, Venezuelan President Nicolas Maduro ordered the establishment of local subsidiaries for Venezuelan public companies, including the oil giant PDVSA and mining conglomerate Corporación Venezolana de Guayana.

READ: Venezuela’s Maduro Escalates Tension with Orders To Explore Oil in Guyana

Army major general Alexis Rodriguez Cabello meanwhile has been named the temporary sole authority of the Guayana Esequiba defence zone, which covers the land claimed by Venezuela within Guyana.

ExxonMobil for its part has become the scapegoat for much of Venezuela’s actions, with Maduro reposting on social media a comment that the Guyana president is an “ExxonMobil slave,” while supportive publications describe the referendum as a vote for “Venezuelan sovereignty against companies such as ExxonMobil.

Guyana for its part has reached out to its allies for support, including the USA, Brazil, the United Kingdom, and France.


Information for this briefing was found via Bloomberg, The Guardian, Reuters, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

First Majestic Silver: The Santa Elena Mine

Equinox Gold: Guidance Cut After Issues At Greenstone

Simply Solventless Q4 Earnings: So Much For Guidance

Recommended

Power Metallic Secures Jabal Baudan Project In Saudi Arabia

NexGen Energy Receives Approval For Site Expansion At Rook I Project

Related News

Trump Strikes with 25% Secondary Tariff on Venezuela, Shaking Global Oil Trade

President Donald Trump has announced the imposition of a secondary tariff on Venezuela, aiming to...

Tuesday, March 25, 2025, 11:28:00 AM

Exxon Mobil Being Investigated by SEC Over Permian Basin Asset Valuation

Shares of Exxon Mobil Plummeted by over 5% on Friday, following a report by the...

Monday, January 18, 2021, 11:20:00 AM

British Warship Dispatched Amid Rising Tensions in Guyana-Venezuela Territorial Dispute

Britain has announced the deployment of the Royal Navy warship HMS Trent to waters off...

Wednesday, December 27, 2023, 04:40:00 PM

Is Big Oil Moving To Big Lithium?

Major US oil companies are shifting their focus to lithium, a crucial component in electric...

Wednesday, July 26, 2023, 03:40:00 PM

Maduro’s ‘Win’ Questioned: Venezuelans Cry Foul Over Election

In a highly contentious and disputed election, Venezuela’s National Electoral Council (CNE) declared incumbent President...

Monday, July 29, 2024, 10:27:47 AM