Exploration activity in Guyana’s Stabroek Block, particularly in areas closer to the maritime boundary with Venezuela, now faces a different geopolitical context following the removal of Venezuelan President Nicolás Maduro.
The shift comes against the backdrop of Guyana’s long-standing border controversy with Venezuela, which has previously affected offshore exploration work by international oil companies operating in Guyana’s waters.
In December 2018, Venezuela’s navy intercepted the Ramform Tethys, a seismic survey vessel operated by Petroleum Geo-Services and contracted by ExxonMobil, while it was conducting work several miles from the Ranger-1 well. Venezuela’s foreign ministry said at the time that the vessel was operating in waters under “undoubtedly Venezuelan sovereignty” and that international protocols were applied. The ship later withdrew after being told it lacked jurisdiction to operate in the area.
That incident occurred amid the unresolved maritime controversy between Guyana and Venezuela, which is currently before the International Court of Justice (ICJ). Guyana has consistently maintained that all exploration activities were conducted within its Exclusive Economic Zone.
Other operators have faced similar challenges. In the Roraima Block, Occidental Petroleum’s predecessor interest holder, Anadarko, received an exploration licence in 2012. In 2013, its contracted survey vessel, MV Teknik Perdana, was ordered out of Guyana’s waters by the Venezuelan navy during a geophysical survey. Anadarko subsequently paused operations and later reaffirmed interest in the block in 2015.
‘No disruption’ to Guyana’s offshore operations amid Venezuela tension | OilNOW
The removal of Maduro follows a period of political upheaval in Venezuela, marked by international isolation, sanctions, and prolonged economic instability. With changes now underway in Caracas and uncertainty over future foreign policy posture, the immediate risk of state-directed maritime enforcement actions has diminished relative to prior years.
For Guyana, the altered regional environment reduces near-term geopolitical uncertainty around exploration activity in offshore areas closer to the border. The legal process at the ICJ remains ongoing; however, the absence of Maduro alters the operational context under which companies assess exploration risk in Guyana’s frontier acreage.
