Guyana. At the end of July, the US oil company ExxonMobil confirmed that new oil deposits had been discovered in the so-called Payare reservoir, part of the large Stabroek Block oil field about 130 nautical miles off the coast of Guyana. In total, the oil field could produce the equivalent of up to 3 billion barrels of oil as of 2020. As a result of the new discoveries, infrastructure worth $ 500 million needs to be built on the Berbice River.
According to Countryaah.com, the Stabroek Bloc is located along the entire coast of Guyana, and the oil discovery in July brought to light the more than 100-year-old, infected border dispute with neighboring Venezuela over Essequibo, the eastern half of Guyana and off the coast of which the Stabroek bloc partially lies. The dispute with Venezuela has also affected the rights to oil in the area in question. In September, Guyana President David Granger argued before the UN General Assembly in New York that the border dispute should be resolved definitively by the International Court of Justice in The Hague (ICJ), something the Venezuelan government opposes. Observers noted that, from a historical perspective, Venezuela does not want a military solution to the conflict, but prefers to maintain the uncertainty about the status of the area by delaying the issue, while Guyana wants an international court ruling in its favor and that Essequibo is finally declared to be part of Guyana. The provocative tone between the United States and Venezuela suggests that the United States will unreservedly support Guiana’s rights in this context. The fact that the oil discovery in the Payares reservoir was made by ExxonMobil also made the issue extra difficult, since ExxonMobil’s assets in Venezuela were nationalized in 2007 and that the current US Secretary of State Rex Tillerson was both chairman and CEO of the company.