09/26/2020

Guyana: No new oil concessions in waters yet to be limited with Venezuela

Not grant new oil concessions in waters yet to be delimited with Venezuela

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Vice President of Guyana, Barrath Jagdeo, has just announced that his Government will not grant new oil concessions in waters yet to be delimited with Venezuela. This, added to the fact that they paused permission for Exxon to develop the Payara field, is favorable for Venezuela.

Still this should not be seen as a victory; rather, it is internal politics where the contracts between the Granger government and the oil companies are evaluated. Irfaan Ali maintains Granger’s position in a judicial resolution regarding the Essequibo territorial controversy.