–ExxonMobil affirms amidst Venezuela’s threats to businesses operating in Guyana
GLOBAL oil giant ExxonMobil has maintained that operations in Guyana will continue amid Venezuela’s aggression to assert claims to the country’s Essequibo region.
“We are not going anywhere, our focus remains on developing the resources efficiently and responsibly, per our agreement with the Guyanese government,” the oil giant said in a brief statement on Monday.
Last week, ExxonMobil’s Chief Executive Officer, Darren Woods said that Guyana isn’t standing alone.
Woods, during an interview on CNBC, 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 nations’ 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 [to] resolve this dispute [controversy],” he said.
Following a controversial referendum held in Venezuela, the Nicolas Maduro government had 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, despite contradictory reports, 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.
When questioned about ExxonMobil’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 revealed 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.
Guyana’s economy has tripled in size since the start of oil extraction (end of 2019). In the early 90s it had one of the lowest GDPs 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.
