-Exxon CEO says; believes international law, court process will be respected

CHIEF Executive Officer (CEO) of ExxonMobil Guyana, Darren Woods has said that Guyana isn’t standing alone amid Venezuela’s aggression to assert claims to the country’s Essequibo region.

Woods during a news appearance on CNBC on Thursday said while the controversy is between the two nations, Guyana is supported by many international partners and has engaged the International Court of Justice (ICJ).

“I’m not sure Guyana is standing on its own. We have all seen what happens when nation’s sovereignties are challenged and unilateral actions are taken. The world and the outside communities have grown pretty sensitive to that so my expectations are there is broader support in the international community to make sure that the right process is followed resolve this dispute,” he said.

Following a controversial referendum held in Venezuela last Sunday, the Nicolas Maduro Government has intensified its aggression and its claims, despite an order from the ICJ to refrain from any action that will cause unease or change the status quo.

Maduro has however declared a resounding victory claiming that millions of Venezuelans voted in support of the Bolivarian state’s claims to the Essequibo region, an area which accounts for two-thirds of Guyana’s territory and is rich in oil, gold and other resources.

He has since given an ultimatum to oil companies and investors operating offshore Guyana’s territory to pack up shop.

He has also ordered that a new map of Venezuela, which now includes Guyana’s Essequibo region be displayed across the country. Additionally, the defiant Venezuela government has ordered that an administrative body be established and licenses for oil, gas and mines exploration be issued.

When questioned on Exxon’s position, Woods said: “From our perspective, we know what we have to do, need to do in the country, to develop those resources economically, environmentally responsibly and do what we have been contracted to do.”

Maintaining that Guyana has the right to pursue development in every inch of its territory, Vice-President Dr Bharrat Jagdeo has said that the evolution of the nation’s economy will not stop.

“If we pause any of our development, Maduro succeeds. Maduro has no right in international law to tell the people of Guyana, [a] sovereign country, how to pursue its affairs. And that is why we are forging ahead with our development in all 83,000 square miles,” he said, during a press conference at the Office of the President on Thursday.

Dr. Jagdeo further said that his government will not become “paralysed” and fall prey to the Bolivarian Republic’s tactics.

He affirmed that attention will not be diverted from what his government was elected to do, which is bettering the lives of all Guyanese.

“We’re focused on the economy; we’re not taking our eyes off of the economy,” the Vice-President firmly said.

The 2023 International Monetary Fund (IMF) report stated that Guyana’s real Gross Domestic Product (GDP) is expected to continue its rapid growth. Guyana achieved the highest real GDP growth in the world in 2022 – 62.3 per cent.

The Guyanese economy has tripled in size since the start of oil extraction (end of 2019). In the early 90s it had one of the lowest GDP per capita in Latin America and the Caribbean.

It is estimated that Guyana’s economy could record a 38.4 per cent real GDP growth this year, and grow another 26.6 per cent in 2024.

Oil production is growing, with a third oil field, Payara, coming online, and growth in the non-oil sector is supported by the implementation of a fast-paced public investment programme focused on providing transportation, housing, and flood management infrastructure, and raising human capital.