When it comes to ExxonMobil, Guyana’s President, Dr. Irfaan Ali, brought into sharp focus today, the hypocritical stance of Venezuela’s President, Nicholas Maduro. President Ali said Maduro has been labelling the US oil giant, an imperialist in the region. Yet, the Guyanese leader said Maduro is still hoping for Exxon to re-invest in Venezuela.
During an interview with Bloomberg this evening, he highlighted Maduro’s interest in also attracting other deep-pocketed companies like Chevron and BP.
President Ali said, “Maduro tells his population that Exxon is an imperialist in the region, and up to last night, and yesterday, I see Maduro encouraging Chevron and BP to return investment in Venezuela…and he forgot that Exxon also invested in Venezuela, and at the heartbeat, Maduro would like Exxon to invest back in Venezuela.”
President Ali clarified that it is not only Exxon that is involved in the Stabroek Block offshore Guyana, but it is part of a consortium including CNOOC and Hess Corporation that was recently acquired by Chevron, pending regulatory approval. He also noted Maduro’s silence on CNOOC, a Chinese company part of the consortium. Noting that Maduro has never made mention of the Chinese company, Ali said that this raises questions about the propaganda narrative touted by Maduro surrounding foreign investment in the region.
ExxonMobil’s involvement in Venezuela’s oil industry dates back to the early 20th century. However, under the Hugo Chavez regime, Exxon faced a series of challenges and disputes. In 2007, the Venezuelan government under President Chávez nationalized oil projects, leading ExxonMobil and ConocoPhillips to exit their projects in the Orinoco Belt. ExxonMobil then sought compensation through international arbitration.
Addressing concerns about Guyana’s Essequibo region, President Ali affirmed that all exploration and investments, both public and private, will proceed without any hindrance. Emphasizing adherence to international law, morals, and ethics, he assured investors that Guyana remains committed to international norms and the ruling of the International Court of Justice (ICJ).
“There is absolutely no fear from our investors. We are on the right side of history, facts, and subjecting ourselves to international norms,” President Ali declared.
