During a Congress session, Guyana's Finance Minister Ashni Kumar Singh confirmed that the concession on the Stabroek oil block, partly located off the Venezuelan Atlantic front, has been renewed.

The announcement was made last March 25, during the presentation of the Guyana official budget for FY2013 and economic report. The minister said, "The acquisition of new marine 3D seismic data by CGG Veritas at the prospecting area licensed to Esso-Shell commenced in November 2012 and new oil prospecting licenses were issued or renewed for further work at several locations including the Takutu Basin, the deepwater Stabroek block, and the Corentyne block."

Stabroek is located off the disputed area claimed by Guyana and Venezuela. In 1999, the concessions granted by the Guyanese Government were strongly rejected by the Venezuelan Government. At that time, Guyana granted concessions on 60% of the Venezuelan Atlantic front. Following the claims brought by the Venezuelan Government, drilling was halted in the area.

Upon a report published by daily newspaper El Universal in June 2012 on the plans of Guyana in the area, Guyana Minister of Natural Resources and Environment Robert Persaud said, "there is no oil exploration in Stabroek block or off the Essequibo." He added that he could not make further comments on the subject.