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Weekly Report - 23 July 2015 (WR-15-29)
VENEZUELA: Tensions simmer with Guyana
Raphael Trotman, Guyana’s minister of governance, has told Bloomberg that the latest offshore oil find in Guyana’s Atlantic waters by the US oil firm ExxonMobil, which on the face of it has prompted Venezuela to renew its longstanding territorial claims over its tiny neighbour, may hold oil and natural gas worth over 12 times Guyana’s GDP of US$3.2bn. “A find of this magnitude for a country like ours, which sits on the lower end of the scale of countries in this hemisphere, this could be transformational”, Trotman said. “From my sense, from speaking to experts outside of Exxon, it has to be something in excess of 700 million barrels”, he said. Trotman added that the Liza-1 well may begin pumping the valuable light sweet crude (of the type not found in Venezuela) within five years. According to Bloomberg, the prospect could be worth about US$40bn at current international crude prices.
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