ExxonMobil is evaluating potential hydrocarbon exploration in the contested Stabroek Block near Venezuela’s maritime border, citing improved regional security conditions following significant political developments in Caracas. CEO Darren Woods revealed during the company’s Q4 2025 earnings call that reduced Venezuelan naval patrols could create a “more friendly environment” for operations in previously inaccessible zones.
The strategic reconsideration follows dramatic changes in Venezuela’s political landscape, including the recent capture and extradition of former President Nicolas Maduro to face narcotics and weapons charges in the United States. Interim President Delcy Rodriguez’s administration has demonstrated increased cooperation with international partners, implementing legislative reforms designed to attract foreign energy investment.
Historical tensions have previously prevented exploration in the border-adjacent areas, with Venezuelan naval forces expelling seismic research vessels in both 2013 and 2018. The current force majeure status—implemented due to security concerns—has effectively paused operational timelines, which Woods characterized as providing strategic flexibility rather than hindering development.
The International Court of Justice’s pending ruling on the validity of the 1899 Arbitral Tribunal Award represents a critical determinant for future activities. This legal proceeding, addressing the longstanding Guyana-Venezuela border dispute, will substantially influence ExxonMobil’s operational decisions in the region.
Despite these geopolitical complexities, ExxonMobil continues achieving exceptional production levels in Guyana, currently extracting approximately 875,000 barrels daily across four Floating Production Storage and Offloading vessels. This output exceeds initial investment projections by 100,000 barrels, demonstrating remarkable operational efficiency.
With the Stabroek Block exploration license expiring in late 2027, the company is conducting comprehensive seismic analysis and leveraging data from development wells to identify optimal drilling targets. Woods indicated the company would make strategically informed decisions regarding block relinquishment based on geological assessments and opportunity evaluations.