• 3 minutes This Battery Uses Up CO2 to Create Energy
  • 5 minutes Shale Oil Fiasco
  • 9 minutes Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 12 minutes Historian Slams Greta. I Don't See Her in Beijing or Delhi.
  • 5 hours Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 11 hours Governments that wasted massive windfalls
  • 8 hours Let’s take a Historical walk around the Rig
  • 11 hours We're freezing! Isn't it great? The carbon tax must be working!
  • 22 hours Trump has changed into a World Leader
  • 10 hours Here is Why People Lose Money Trading Natural Gas
  • 1 day Beijing Must Face Reality That Taiwan is Independent
  • 2 days Tesla Will ‘Disappear’ Or ‘Lose 80%’ Of Its Value
  • 9 hours US Shale: Technology
  • 13 hours 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 19 hours Trump capitulated
  • 2 days Yesterday POLEXIT started (Poles do not want to leave EU, but Poland made the decisive step towards becoming dictatorship, in breach of accession treaty)

The World’s Newest Oil Boom Gets Another Twist

Refinery

In our columns, we have analyzed on several occasions the astounding rise of Guyana, arguably the hottest spot for oil drilling in the past couple of years. Almost every single exploration well spudded in the South American country’s offshore yielded a significant oil discovery, boosting Guyana’s already impressive portfolio of projects in the pipe. Yet Guyana’s forthcoming ascent is inextricably linked to its political life, a microcosmos replete with stories of ignominy and disunity, reflecting the hardships of poverty-stricken life in the country. With a prolonged political impasse stirring up tensions in Guyana, ExxonMobil and its partners are waiting it out, until the dust settles.

The ongoing political deadlock saw its culmination a month ago when the Caribbean Court of Justice ruled that the no-confidence vote which the government led by David Granger lost in December 2018 (one of MPs from the governing party voted with the opposition, tilting the balance against the government that held a one-seat majority all along) was perfectly legal and that Guyana should see new elections before September 18, 2019. It took more than a month after the CCJ ruling to nominate a new head of the Elections Commission. Generally speaking the past weeks were marred by almost all possible forms of foot-dragging and almost childish finger-pointing.

In a telling illustration of just how odd things in Guyana might go, look no further than the country’s…




Oilprice - The No. 1 Source for Oil & Energy News