U.S. oil giant ExxonMobil is leading the current production of oil offshore Guyana with over 300, 000 barrels of crude per day currently being produced. And with its eyes set on generating over one million barrels of oil per day within the next five years, the international oil and gas company, with an industry-leading inventory of resources, says it is not scared by utterances within the Venezuelan government. ExxonMobil is among six bidders who expressed an interest in eight of the 14 oil blocks that were put up in the recent auction round. The government is in the process of assessing those bids. But last month, Venezuela said this bid round was illegal since there are maritime areas pending delimitation between the two countries. It also noted that any arbitrary concession granted would be “unacceptable” and that “these actions do not generate any type of rights to third parties who participate in such a process.” In spite of these claims, President of ExxonMobil Guyana Alistair Routledge said the company will continue its business dealings with the Guyana government once the terms are favourable to the company.
