Exxon plan for Guyana oil exploration risks raising tensions with Venezuela

President of ExxonMobil Guyana confirms plan to drill two new wells off Atlantic coast as territorial dispute simmers

ExxonMobil has insisted it will explore for oil in a region bitterly contested by Guyana and Venezuela, despite the dangers that the move is likely to escalate tensions between the two South American neighbors.

Relations between the two countries have reached an all-time low in recent months following a series of announcements by the Venezuelan president, Nicolas Maduro, suggesting that he could take the Essequibo region by force.