Guyana's oil growth potential rises as Venezuela tensions set to ease

Core Insights - Guyana's oil growth potential is increasing due to easing tensions with Venezuela following the removal of President Nicolas Maduro, which may enhance foreign investment opportunities in the region [1] - The Guyana Energy Conference is set to discuss local workforce training, investment opportunities, and the development of a downstream sector [1] Industry Developments - The U.S. has called for $100 billion in investment to reactivate Venezuela's oil sector, which could alleviate a long-standing border dispute affecting Guyana's oil exploration [1] - Exxon Mobil's production capacity in Guyana has surpassed 900,000 barrels per day, with plans to increase this to 1.15 million barrels per day through new projects [1] - Chevron, having acquired a 30% stake in the Stabroek Block, believes the oil and gas resources in Guyana could exceed the current estimate of 11 billion barrels of oil equivalent [1] Company Activities - Exxon CEO Darren Woods indicated that the removal of Maduro may lead to improved operating conditions in Guyana, potentially reducing naval patrols and creating a more favorable environment for operations [1] - Chevron CEO Mike Wirth is expected to make the company's first official appearance at the conference, highlighting its commitment to further exploration in Guyana [1] - Exxon executives are anticipated to provide updates on operations, including a large-scale gas plan to support onshore power generation [1]