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    Exxon Mobil efforts halted after Venezuela confrontation Archived Message

    Posted by Ken Waldron on March 20, 2019, 3:58 pm, in reply to "Climate Arson: The strategies and impact of ExxonMobil’s dangerous EU lobbying"

    Follow the (black) money:

    Exxon Mobil efforts halted after Venezuela confrontation

    Jordan Blum December 26, 2018

    Exxon Mobil's efforts offshore of Guyana were abruptly halted when the Venezuelan navy confronted a contract vessel.

    The offshore waters of the small South American nation Guyana have become Exxon Mobil's largest point of emphasis outside of West Texas' booming Permian Basin. But century-old border disputes with neighboring Venezuela threaten Exxon's efforts along with its joint venture partner, Hess Corp. of New York.

    Exxon Mobil confirmed it "paused" its seismic data-recording along the western portion of what's known as the Stabroek Block offshore of Guyana. A Norwegian seismic vessel contracted by Exxon Mobil fled the region after being intercepted by Venezuelan authorities.

    "Seismic operations on the Stabroek Block offshore Guyana have been paused until they can be safely continued," an Exxon Mobil spokeswoman said. "Our main concern is for the safety of crew members and others in the area.

    RELATED: In Guyana, Exxon oil project stirs international tensions

    "We are in communication with the necessary authorities," she added. "The acquisition of seismic data is being conducted under license from the government of Guyana. The vessels were operating within Guyana's exclusive economic zone."

    Venezuela is facing its own economic and geopolitical crisis and the socialist nation has seen its oil production fall to its lowest level in several decades.

    The deepwater dispute is pending before the International Court of Justice, the United Nation's court system in the Netherlands.

    And it's not the first tie tensions have boiled over. Five years ago, the Venezuelan navy seized a ship contracted by The Woodlands-based Anadarko Petroleum.

    But it's the Exxon Mobil-led effort that's truly revitalized the oil interests of Guyana. Because of the exploration efforts, Guyana actually led the world this year in new oil and gas discoveries, even ahead of Russia and the United States. In fact, Guyana accounted for almost a quarter of the 8.8 billion barrels in oil equivalent discovered so far this year.

    Exxon and Hess announced well more than 2 billion barrels in new discoveries offshore of Guyana this year, increasing their overall recoverable resources in the region to about 5 billion barrels of oil equivalent. Commercial production from Guyana is expected to begin in 2020.

    http://www.chron.com/business/energy/article/Exxon-Mobil-exploration-halted-after-Venezuela-13488586.php

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