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President optimistic of country becoming oil and gas producer
– Even as tensions rise with Venezuela
Even as a diplomatic spat between Guyana and Venezuela continues over offshore oil explorations in disputed waters, President Donald Ramotar remains optimistic that Guyana will soon become an oil and gas producing country.
President Donald Ramotar
This assertion by President Ramotar comes days after Venezuela issued a subtle threat to Guyana.
According to Ramotar, Guyana is expected to soon join the international club of oil and gas producers in the world.
“As we speak, ExxonMobil has started to drill on the outside of our coast and I feel extremely optimistic that we are on the threshold of becoming an oil and gas producing country,” Ramotar said. He noted that this new development will put Guyana in a unique class of countries.
However, the President made no mention of the ongoing conflict with Guyana’s neighbouring country and the implications this conflict can have on any oil and gas discoveries made by ExxonMobil.
Last week, Venezuela indicated that it was prepared to take action following the recent start of oil drilling activities by the US exploration firm, ExxonMobil. The designated drilling area, known as the Stabroek Block, is just offshore of an area Venezuela claims as its own. Venezuela had also warned ExxonMobil not to drill for oil in the area.
However, ExxonMobil ignored this warning, instead insisting that an agreement had been struck with Guyana and not Venezuela. The drilling company subsequently commenced activities in the Stabroek Block.
Similarly, Guyana stood firm to its own claim of the area and called on Venezuela to be respectful of the age-old boundary award which gives Guyana the right to explore its economic potential.
Late February, Guyana’s Ministry of Foreign Affairs also wrote to a number of organisations, informing them about Guyana’s objections to the offshore drilling.
In the dispatched Note Verbale, the Ministry of Foreign Affairs accused Venezuela of engaging in actions which stymied the development of Guyana.
“The Ministry of Foreign Affairs has requested that the Government of the Bolivarian Republic of Venezuela desist from taking any actions that could only result in the stymieing of the development of Guyana and its people, and that would be in contravention of international law,” the Guyana ministry said.
In response, the government of Venezuela said the accusations leveled against it were unacceptable and unjust, and emphasised the bilateral cooperation between the two nations for decades as testimony to the promotion of development in Guyana.
ExxonMobil plans to invest $200 million in exploratory drilling off Guyana in the Liza field, which is part of the Stabroek Block.
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