Latest update March 28th, 2024 12:59 AM
May 26, 2017 News
By Suraj Narine
The Guyana/Venezuela border controversy was part of the discussion as world oil and gas experts congregated on Wednesday last, at the XXVI La Jolla Energy Conference being held in San Diego, California.
In the context of companies operating on disputed areas throughout the western hemisphere and the issue of security risks, the question was asked about the US Government’s plan or position as it relates to Guyana and Venezuela’s dispute.
US oil giant ExxonMobil’s discovery of oil off the coast of Guyana led to Venezuela reiterating its decades-long claims to land and maritime space. The Stabroek Block, where Exxon is currently exploring, falls within that disputed area.
Venezuela, Guyana’s western continental neighbour, already sits on some of the world’s largest oil deposits, while Guyana is one of the poorest countries in the region.
Lisa Viscidi, the Director of the Energy, Climate Change, and Extractive Industries Program at the Inter-American Dialogue, during the discussion informed the gathering that she is unaware if the Donald Trump Administration has a position on the border controversy, but admitted that the issue has gotten more attention from Congress.
Viscidi, a specialist in Latin American energy, noted that the controversy may have attracted the interests of some members of the Western Hemisphere Sub-Committee that travels to South America looking at energy issues.
“So there might be some interest from that point of view. But for now, it’s not really clear what the US will do…As far I know, there is no proposal.
I think the major issue is how they (Guyana) will manage the revenue. How are they going to manage the local industry (and) avoid some of the problems that other countries (experienced) and trying to take advantage of this new find without kind of messing it up,” she said.
The Director added that Guyana should take lessons from other oil-producing countries.
Weighing in also was David Victor, a Professor of International Relations at the School of Global Policy and Strategy and Director of the Laboratory on International Law and Regulation (ILAR).
Victor, who appeared as a panellist at the conference, stated that unresolved border disputes can be a huge political problem, and posited that this could be an area where the US government can play a “very helpful role”.
Like Viscidi, he too cited the importance of Guyana getting it right from the start, noting that the key challenge is how to manage the revenue from the oil.
Meanwhile, Raul Gallegos, a senior Analyst on Global Risk Analysis at Control Risks, is of the opinion that the border issue is not going to pose a major risk for oil US companies operating in Guyana. He referenced the appointment of Ambassador Dag Nylander, a personal representative of United Nations (UN) Secretary-General Antonio Guterres, as part of the ‘Good Officer’ process to settle the dispute.
Previous reports have indicated that if this process fails, the mater will be taken to the International Court of Justice (ICJ).
Gallegos said that the Good Officer process is likely not “to go anywhere” and the ICJ is likely to side with Guyana.
The two-day La Jolla Conference has been organised the Institute of the Americas (IOA).
The IOA has established a reputation as being an honest broker of dialogue and debate on key energy and sustainability trends in the Americas, the Vice President of Energy and Sustainability of the institute, Jeremy Martin told the gathering.
The confabulation is being attended by leaders, investors, and government officials in the global oil and gas sector.
The event is also being attended by several Guyanese media operatives from both government and private outfits.
THIS IDIOT TELLING GUYANA WE HAVE NO SAY IN THE 50% PROFIT SHARING AGREEMENT WE HAVE WITH EXXON.
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