ExxonMobil Guyana President, Alistair Routledge said the company is not financing Guyana’s Essequibo case at the International Court of Justice (ICJ).
He commented at an April 30 press conference when asked to respond to an accusation from Venezuela that the company is funding Guyana’s participation.
The case concerns the validity of the 1899 Arbitral Award, which determined the boundary between the two South American nations more than a hundred years ago. In 1962, some 63 years after accepting the boundary, Venezuela claimed the Award was null and void, reanimating a claim for two-thirds of Guyana’s territory. After years of discussions between the two countries under the United Nations Good Offices Process failed to deliver a resolution, UN Secretary-General Antonio Guterres referred the matter to the ICJ in 2018.
Venezuela does not recognize the jurisdiction of the ICJ to resolve the controversy, despite the Court affirming same in a ruling.
Guyana had collected a US$18 million signature bonus when it granted a 2016 Production Sharing Agreement (PSA) to ExxonMobil, Hess and CNOOC for the Stabroek Block. The then government used the money for legal fees at the ICJ.
The United Nations Security Council recently reminded Guyana and Venezuela of an obligation to adhere to preliminary orders issued by the ICJ, including a prohibition against Venezuela taking any action to interfere with Guyana’s administration and control of the Essequibo territory.
Vice President Bharrat Jagdeo said the government estimates a ruling could come by the end of 2025.
