Guyana-Venezuela tensions will continue after ICJ rules on border dispute

5 March 2025, 23:45 0 Comments

St Vincent and the Grenadines Prime Minister, Dr Ralph Gonsalves, interlocutor in the peace accord on the Guyana-Venezuela border dispute, warns tensions will continue after the International Court of Justice (ICJ) delivers its ruling later this year, against the background that Venezuela does not recognise ICJ jurisdiction in the dispute.

“The Argyle Declaration works. Even after the ICJ delivers its judgement, whichever way they go, you’re still going to have tension”.

While submitting arguments in the case to the ICJ, Venezuela continues to peddle its misinterpretation of the 1966 Geneva Agreement to insist that the two countries settle the controversy bilaterally. The Hague-based ICJ could later this year possibly deliver its judgement on the validity of the 1899 Arbitral Tribunal Award that Guyana maintains settled the land boundary with Venezuela.

The Prime Minister said the parties in the peace accord, the Argyle Declaration, must meet again to prevent a repeat of the March 1 incursion and other recent incidents. “We still have to meet to have this matter thrashed out so that we don’t have a repetition of this. It’s not the first time since Argyle that matters have had to be muted by us.”

After President Irfaan Ali informed Caribbean Community leaders about the presence of the Venezuelan military vessel in Guyana’s waters, officials in the CARICOM-Community of Latin American and Caribbean States (CELAC) mechanism worked late into the night. Gonsalves did not detail efforts to ending last Saturday’s incursion from 7 AM to 11 AM, by himself, as interlocutor under the December 14, 2023, Argyle Agreement;, CARICOM Chairman, Barbados’ Prime Minister Mia Mottley; former CARICOM Chairman, Roosevelt Skerritt or the representative of Brazil.

Dr Ali had informed the United States about the incursion into waters under Guyana’s jurisdiction, based on the operation of the floating production storage and offloading (FPSO) platforms by American IOC, ExxonMobil.

Later on the day of the incident, the US warned the Maduro administration of “consequences” if there was a repeat. “We had to ensure that there would be peace and calm and there would be no provocation.”

Venezuela has not arrested the gang members who shot and injured six Guyanese soldiers on the Cuyuni River on February 17, 2025. Instead, the Venezuelan government accused Guyana Defence Force soldiers of entering the Essequibo Region and shooting and injuring Venezuelans. CARICOM denounced the shooting and urged Venezuela not to hold elections for a Governor of Essequibo and a Legislative Council in Guyanese territory on April 27, 2025

While persons have deemed the Argyle Declaration a “joke”, that accord between President Ali and President Maduro in Argyle, St Vincent, “assisted in keeping the peace”. Conflict could result in deaths and refugees including persons of undesirable character. Parties connected to Venezuela and Guyana could cause conflict to become larger and affect Latin America and the Caribbean.

Guyana enjoys very close relations with the US, United Kingdom and France while Venezuela’s allies include Russia and Iran.

 

 

 

 

Caricom to discuss Guyana-Venezuela dispute

5 March 2025

Prime minister Roosevelt Skerrit of Dominica announced that Caricom, under the auspices of the Argyle agreement will meet representatives from Guyana and Venezuela on the latest border dispute incident.

“We are in discussions with both sides and seek a meeting this week to continue ensuring that the articles within the Argyle declaration continue to be observed and we can continue to have a zone of peace. It is discussions we have to have. We can only resolve matters in the world through diplomacy.

Same with Russia and the Ukraine war…engaging, diplomacy and we must not give up on dialogue and discussions and using our good offices in Caricom to ensure that the Caribbean remains a zone of peace.”

In December 2023, in Argyle, St Vincent and the Grenadines, President Ali and President Maduro held discussions on matters related to the territorial dispute.

All parties reiterated their commitment to a zone of peace in Latin America and the Caribbean. Guyana and Venezuela made several declarations, including agreeing not to threaten or use force against one another under any circumstances, including those arising from any existing controversies between the two countries.

On March 1, Guyana’s president Dr Irfaan Ali denounced an incursion, alleging a Venezuelan Coast Guard vessel entered Guyana’s exclusive economic zone (EEZ) and approached the offshore Prosperity FPSO (floating, production, storage, and offloading).

The alleged incursion intensified tensions between the neighbours on the long-standing territorial dispute of the resource-rich Essequibo region. Several countries and organisations expressed concerns, echoing Ali. The US accused the Venezuelan naval vessels of threatening the US ExxonMobil FPSO.

Venezuela charged that the FPSO was operating in Venezuela’s EEZ and labelled Ali “the Caribbean’s Zelenskyy,” referring to Ukrainian president Volodymyr Zelenskyy. That same day, March 1, Venezuela’s vice president Delcy Rodriguez urged Caricom to “play a constructive role” and avoid a “conflict” in the region.

Grenada’s Prime Minister Dickon Mitchell said that a protocol for ongoing dialogue is already in place.

“We have a permanent Argyle accord in place that allows prime minister Ralph Gonsalves (St Vincent and the Grenadines) to act as interlocutor between Georgetown and Caracas. This obviously is an ongoing issue.

“We expect from time to time there might be disagreements or different perspectives and Caricom and particularly the mechanisms set up by the Argyle convention to be triggered by either or both sides.”

Support for Guyana continues. On March 3, the French Ministry for Europe and Foreign Affairs expressed concerns over the alleged incursion and support for Guyana.

“France calls on Venezuela to respect Guyana’s sovereignty and territorial integrity, the principles of international law and the order issued by the International Court of Justice on December 1, 2023, stating that it must refrain from any unilateral action liable to alter the situation that currently exists off the coast of Essequibo.”

 

 

 

Guyana-Venezuela relations

2025, 03/13

Dr Nand C Bardouille,  Manager of the Diplomatic Academy of the Caribbean, at the Institute of International Relations, UWI, TRINIDAD

Venezuelan President Nicolas Maduro, appeared with his wife Cilia Flores, and National Assembly President Jorge Rodriguez after his swearing-in for a third term at the National Assembly in Caracas on Jan. 10, 2025.

The long-running border dispute between Guyana and Venezuela, currently before the International Court of Justice (ICJ), flared anew on March 1st when Venezuelan military assets mounted an incursion into Guyana’s territorial waters, manoeuvring with the ExxonMobil-operated offshore oil field in their line of sight, prompting President Mohamed Irfaan Ali to denounce this latest Venezuelan provocation.

The Infraction Effect
It raised the spectre of kinetic operations from (i.e. outright war with) Venezuela, upping the rhetorical temperature to boot. Venezuelan authorities aimed barbs at the leadership of Guyana and dubbed President Ali the “Caribbean Zelenskyy.”

Washington and Kyiv’s souring relations have, wrongheadedly, become fodder for Venezuela’s show of force directed at its Guyanese territorial claims. Such a Venezuelan narrative is meant to distort perceptions of Guyana’s posture as a sovereign state, which Caracas seems intent on dismembering.

In any case, having only achieved independence 59 years ago, Guyana seeks to steer its course on its own terms among the family of nations. One of two Caribbean Community member states geographically located in South America, Guyana, whose population of mostly coast landers falls short of 1M, is one of 14 small, primarily Anglophone post-colonial states comprising the Caricom bloc. They have done well in enhancing their global influence, against a backdrop where they gained independence in the 1960s-1980s, after Haiti, which declared “independence” from France in the early 1800s.

The inviolability of national borders takes up significant real estate in their foreign policy on the region as a Zone of Peace. This principle strikes a national interest chord among these states, heavily reliant for survival on two core, interconnected legal and normative precepts of the post-war U.S.-led liberal international order: sovereignty and territorial integrity. .

Instructively, these precepts took centre stage during the advent of the United Nations and provide a diplomatic lifeline for small states. The anarchic international system can be an unforgiving place for such states, as evidenced by the border-related situation in Guyana .

Its complex dynamics risk being thrown out of whack by the latest territorial breach, which made an indelible impression on ever worsening Guyana-Venezuela relations. At this moment, CARICOM capitals are on tenterhooks, none more so than Georgetown.

As the weaker of the two countries at the centre of this dispute, Guyana, à la Thucydides’ The Peloponnesian War ( ‘Melian Dialogue’) has historically exercised a healthy respect for Venezuela.

Yet even as its would-be aggressor wields its hard power cudgel, unsheathing it routinely, Guyana leveraged multilateralism and international organisations to good effect. As a small state looking to success in its long-standing border-related feud, Guyana has embraced a clear legal route to resolving the issue. It remains resolute amid sabre-rattling by Venezuela, which, by some estimates, has the largest proved oil reserves in the world.

Diplomacy and the Caricom Camp
It helps immensely that the border issue is a standing item in Caricom summits. Regional states are pursuing energy-related commercial and other interests with Venezuela, raising profound questions about standing on principle with Guyana in its relations with Venezuela. Guyana is, nonetheless, using the reality of the March 1st incident to highlight diplomacy in de-escalating the situation, even as President Ali admonished Venezuelan authorities for this brazen act.

He contends that “we will not tolerate threats to our territorial integrity.” Guyana state and security apparatus is on high alert and relevant authorities have “already deployed air assets within our exclusive economic zone and within our exclusive waters. The coast guard is also in the process of being deployed.”

This startling, Caracas-fomented turn of events came just days following another cross-border incident that also rattled Georgetown, which is none too happy that Caracas has seemingly played down the seriousness of that development. From Guyana’s vantage point, in keeping with international law, Venezuela ought to take responsibility.

The Spoiler
As is always true with Guyana-Venezuela relations — which have indeed experienced cordial, trade-driven moments — Caracas fanned the flames of hostility. Over the last decade, those relations have experienced significantly more lows than highs.

Since ExxonMobil announced a significant oil find offshore Guyana a decade ago, off Essequibo, the disputed region, there have been heightened tensions between the countries.

In 2018, Guyana instituted proceedings with the ICJ against Venezuela’s claim to the disputed territory. The American multinational oil and gas company established itself as the largest oil producer in Guyana, which has become a “key contributor to global crude oil supply growth.”

Guyana is now primed to develop offshore gas, with ExxonMobil poised to lead the way. Guyana also has a stake in this endeavour, with an eye to meeting its growing energy demands, eclipsing long-time energy giant Trinidad and Tobago, where the energy sector has been in steady decline, “with [associated] resources moving [instead] towards Guyana and Suriname.”

Last year, authorities announced that petrostate Trinidad “has about 10 years of gas production left based on less than 12 trillion cubic feet (tcf) of natural gas reserves.”

Guyana’s rapid transformation has not gone over well with Venezuelan authorities, who are mindful of the hydrocarbon-related stakes that obtain in that regard. Two years ago, border-related tensions were on the verge of coming to a head. The two sides were able to dial back tensions with The Joint Declaration of Argyle for Dialogue and Peace Between Guyana and Venezuela, which enjoins restraint on both parties. The power realities are such that Caracas’ step back from its confrontational posture was short-lived, with its latest provocation forming part of a resurgent pattern of military intimidation à la hybrid warfare.

This time around President Ali did not hold back, stating emphatically: “But, make no mistake of it: fortified by the strong voices and resolute support of our international partners, Guyana will not allow Maduro and Venezuela to threaten or violate our sovereignty and territorial integrity.”

Enter the ‘Gray Zone’: The Interstices of Open Warfare and Peace
Caracas is increasingly coupling the threat of conflict with another key dimension of its hybrid warfare: propaganda, having taken to task Georgetown’s assertion that Guyana’s maritime boundaries, recognized under international law, were breached.

In effect, it is spouting disinformation about internationally recognized borders and labelling Guyana as the troublemaker. It is a specious argument, in a context where, having taken up a third six-year presidential term under a cloud after reported election fraud and voter repression, the regime of Nicolas Maduro has further relegated his country to renegade state status.

Venezuela lost much of its standing on the domestic front and internationally. Adding insult to injury, Caracas is ginning up yet another border-related ploy – the conduct of elections next month in the disputed Essequibo region for a governor is apparently in the offing. So, too, are elections for a legislative body.

The previously referenced attempt to draw unwarranted parallels between President Ali and President Zelenskyy has been decidedly about the narrow interests of the Maduro regime, pulling out all the stops in its bid to unify a deeply divided country around his rule.
Still, this rhetorical reference falls flat, not least because Caracas has come up with an apples and oranges comparison that, wrongheadedly, takes a page from President Donald Trump’s foreign policy playbook.

Caracas is playing on prevailing geopolitical atmospherics — whose main act is animated by Washington having:

• • • (1) turned on Kyiv;
    • (2) turned its back on America’s European allies; and
    • (3) turned qua genuflected to Moscow, ultimately, with the aim of turning out the so-called ‘China threat’.

Taken together, these shifts are constitutive of the wider geopolitical turn in contemporary international relations, one that, a decade ago, began to pivot from the unipolarity of the erstwhile post-Cold War era to the emergent multipolar order.

• • • Informed by this framing, three additional points further back up my square- peg in a round -hole contention.
    • First, while Caracas decided to up the ante in Guyana-focused hybrid warfare, Guyana is not a theatre of war. This is unlike Ukraine, which is grappling with an over three-year full-scale Russian invasion.
      • Nor is Guyana the centrepiece of a geopolitical conflict that risks spiralling into World War III. President Zelenskyy is a wartime leader, whose country is up against a wall of the Kremlin’s war effort. It is a situation of direct confrontation between the neighbours and the multiplicity of challenges for Zelensky’s government is daunting.
      • In short, the realities on the (Ukrainian) ground are not redolent of Guyana’s predicament, or that of its president.
    • Second, following last month’s infamous Oval Office dustup, the Trump administration deems President Zelenskyy a spent force, underlined in stark terms by a prominent US Republican lawmaker.
      • Following on the heels of a high-stakes meeting hosted by London to move the needle on a just and lasting peace in Ukraine.
      • President Trump halted, with immediate effect, all US military aid to Ukraine, signifying a dramatic shift in US Ukraine-related foreign policy, which could now be about fence-sitting at best, but at worst (reading the signs), about aligning Washington with the Kremlin.

European Union leaders met on March 6 to place the spotlight on European security and defence. Additional support for Ukraine loomed large at this extraordinary summit, with attention placed on security guarantees for Ukraine.

Whither is President Trump bound?

This is the burning question for other Western leaders at this juncture.
President Ali, while he may not hold all the cards , holds his trump card: Washington is on side. Secretary of State Marco Rubio:

“affirmed the United States’ steadfast support of Guyana’s territorial integrity in the face of Nicolás Maduro and his cronies’ bellicose actions.”

Washington is not at odds with Georgetown;    far from it.

The thinking goes, Washington is tipping the scales but not in the aggressor’s favour. After all, it has a lot to gain in doing so. As regards support for President Ali in this particular moment, US State Department voiced its full-throated support for his stance, adding that:

“further provocation will result in consequences for the Maduro regime;” all while calling out the aggressor.

Yet, in diplomatic machinations at the UN, the United States fell well short of doing just that relative to the Russo-Ukraine war.  Curiously, in a departure from regularly calling Russia out on its war on Ukraine as a non-permanent UN Security Council member, Guyana backed America’s Security Council resolution.

In recent days, the Trump administration also stuck it to Venezuela. Notably, it revoked Chevron’s Venezuela oil licence. Trinidad and Tobago views this development with concern, as it has a two decade-long natural gas deal with Venezuela in the bag and is now compelled to engage the United States on the matter.

Finally, swiftly banking the support of a wide cross-section of well-respected members of the international community also holds the key to President Ali holding his own in this moment. President Zelenskyy has faced a tough time of rallying support outside the West, among swathes of the developing world.

Unwavering support of international organisations like the General Secretariat of the Organization of American States and the Commonwealth Secretariat can stand between Venezuela and Guyana. Without the added diplomatic pressure of such third parties regarding its diplomatic engagements with a larger foe, such a country won’t always get much in the way of cooperation. After all, these institutions make representations on behalf of their member states on the international stage.

Veering Off-script
The potential upside of the propagandistic message under scrutiny could be read thus: As committed internationalists, Ali and Zelenskyy would likely make common cause in challenging any notion of an international order in which might makes right.   Keeping to this script gives truth the win.

 

 

 

If Ali is “Zelensky of the Caribbean”, who is Putin?

Mar 09, 2025

Sir Ronald Sanders

In the latest round of barbs with which Venezuela responded to events surrounding its claim to the Guyana Essequibo region, President, Irfaan Ali, was described as “the Zelensky of the Caribbean.” This characterization begs the question: If Ali is the “Zelensky of the Caribbean,” then who is the “Putin”?

However, posing and answering that latter question is as unhelpful to resolving the border controversy peacefully as is describing Ali as “Zelensky.” It is far more constructive to focus on facts and to work toward a peaceful solution to Venezuela’s claims in accordance with the UN Charter and international law.

The most recent incident that inflamed the situation between the two countries occurred on 1 March 2025, when a Venezuelan military vessel approached and accosted Floating Production Storage and Offloading (FPSO) platforms, operated by the US company Exxon, in an area Guyana considers its Exclusive Economic Zone (EEZ).

Because of the land boundary contention before the International Court of Justice (ICJ), Guyana and Venezuela have not yet formally delimited their maritime boundaries. Both countries claim the waters in question. However, under a December 2023 Order of the ICJ, Guyana has administrative control over the disputed territory pending the Court’s final judgment. Consequently, Guyana is entitled to authorize lawful activities in the EEZ, including those undertaken by the FPSO platforms operated by Exxon.

While the right of navigation through contested waters is recognized under customary international law, that right does not extend to confronting or intimidating entities engaged in legally authorized activity.

Although the Venezuelan patrol boat did not use force, its actions arguably violated the spirit of both the ICJ’s 1 December 2023 Order and Clauses 1 and 6 of the Argyle Agreement, which collectively demand that neither side take steps that might aggravate or extend the dispute.

Hence, instead of exploring the implications of who is a “Zelensky” or a “Putin” in this matter, it is far more constructive for the government and peoples of both countries to maintain their focus on the arbitration of the controversy before the ICJ. At the same time, they should abide by the terms of “The Joint Declaration of Argyle for Dialogue and Peace” (the Argyle Agreement), which they signed on 14 December 2023.

In adhering to the Argyle Agreement, Venezuela should recall Clause 1, which states that both parties agreed “directly or indirectly” not to threaten or use force under any circumstances, and Clause 6, which states that both parties committed to “refrain from escalating any conflict or disagreement arising from any controversy between them.”

In this regard, the Venezuelan authorities should reflect on whether taking over Ankoko Island (divided between the two countries) and placing military assets on it constitutes a threat of the use of force.

Consideration might also be given to Venezuela’s declared intent to hold local elections on 27 April 2025 in Guyana’s Essequibo region, asserting it as “Guayana-Esequiba,” complete with a parallel governance structure—an action that directly challenges Guyana’s sovereignty.

The leaders of the Caribbean Community countries publicly described these plans a breach of international norms and of the ICJ’s provisional measures. CARICOM has not forcibly inserted itself into the border issue.

Instead, both the governments of Venezuela and Guyana solicit CARICOM’s mediating role, and to the credit of its leaders and the Secretariat’s staff, the organization tried to play a steadying role. It is all the more unfortunate, therefore, that the Venezuelan Vice President labelled officials of the CARICOM Secretariat as “third-rank bureaucrats of CARICOM, who act behind the backs of Heads of Government.” Anyone who knows how the Secretariat operates would confirm that it issues no public statement without the unanimous support of CARICOM governments.

Following the 1 March incident involving the Venezuelan military and the FPSOs, Guyana’s President reported the matter to the Interlocutors of the Argyle Agreement, seeking “appropriate” action.

In response—and while affirming in a 1 March 2025 statement that “The Essequibo is and will remain an inseparable part of Venezuela”—the Venezuelan Foreign Minister added that Venezuela will urgently activate the Argyle Mechanism to pursue peaceful dialogue.

Thus, President Nicolás Maduro requested an immediate meeting with President Ali under the chairmanship of the Argyle Interlocutors.

For his part, while stating that he remains “fully committed to dialogue, particularly when it serves to reinforce international law and the peaceful resolution of disputes, in accordance with the Charter of the United Nations,” President Ali proposed a preparatory meeting of the two countries’ foreign ministers.

President Ali’s proposal is wise—not only because it allows time to diffuse heightened emotions ignited by recent events, but also because it permits careful preparation for such an important encounter.  Ultimately, the countries of Latin America and the Caribbean committed themselves to remain a Zone of Peace.

By respecting the ICJ’s judgment on the border contention, once it is delivered, and the guiding principles of international law, Guyana and Venezuela can resolve their differences to the benefit of their peoples and regional stability. A lasting solution lies not in epithets over who is the “Caribbean Zelensky” or “Putin,” but in deference to the legal frameworks upon which the peace and prosperity of all nations depend.

The writer is Antigua and Barbuda’s Ambassador to the US and the OAS, Visiting Fellow at the Institute of Commonwealth Studies, London University and Massey College, University of Toronto. www.sirronaldsanders.com

 

 

 

 

Ramnarine: A trend of tough action for T&T

US orders Chevron to wind down Venezuela operations…

5 Mar 2025

The United States Department of the Treasury yesterday issued a 30-day notice to Chevron Corporation, ordering the oil giant to wind down its operations in Venezuela by April 3.

General Licence No 41, issued on November 26, 2022, which had allowed Chevron to resume Venezuelan crude exports to the US, was fully replaced and superseded by General Licence No. 41A yesterday.

The move effectively cuts off Chevron’s ability to pump and sell Venezuelan oil, marking a significant shift in US policy  days after Pre­sident Donald Trump vowed to reverse his predecessor Joe Biden’s oil concessions to Venezuelan President Nicolas Maduro.

Former energy minister Kevin Ramnarine noted that if the US is willing to take such action against Chevron, it could set a benchmark for Trinidad and Tobago regarding its cross-border energy deals with Venezuela. In response to the amended licence to Chevron, Ramna­rine said:

“Last week’s statements by President Trump and Marco Rubio have greatly increased the uncertainty over the Dragon and Coucnina-Manakin projects. A few days ago, the Office of Foreign Asset Control of the US Treasury posted that they were winding down the General License 41 (GL41), which is the license related to Chevron, ‘…and other specific licenses as appropriate’.

Now they have formally started the wind down of GL 41 and have replaced it with GL41A, which gives Chevron one month to wind down operations in Venezuela. At this stage we don’t know what the Treasury Department will do with regard to Dragon and Coucina-­Manakin, but this tough action against Venez­uela and Chevron could provide some indication as to what the trend of action could be.”

Last Thursday, acting Prime Minister Stuart Young, told media he could not guarantee the survival of the Dragon gas deal with Venezuela. However, if the deal fails, he will continue to fight for Trinidad and Tobago as its future leader.

Last Wednesday,­ Trump announced he was revoking the licence allowing the Venezuelan government to export oil to the United States, citing Venezuela’s failure to take back its deported nationals.

“We are hereby reversing the concessions that Crooked Joe Biden gave to Nicolas Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022, and also having to do with electoral conditions within Venezuela, which have not been met by the Maduro regime.”

Hours later, Rubio said he will provide foreign policy guidance to terminate all Biden-era oil and gas licences “that have shamefully bankrolled the illegitimate Maduro regime”.

Dragon deal crucial
Young acknowledged that the Trump administration’s actions immediately promp­ted him to engage with Uni­ted States Embassy officials in T&T, Shell and BP, to seek clarity. However, predicting future US government decisions was impossible. The Dragon deal was crucial for T&T’s energy security, Cari­com’s stability and geopoli­ti­cal relations.

“At this stage, there has been no indication of any negative effect on Trinidad and Tobago. Can we provide any assurance at this stage? The answer is obviously no. Are we engaged with the right people? We believe we are.”

Chevron’s joint ventures with PDVSA represent about a quarter of Venezuela’s entire oil output, Reuters reported. In January, Chevron exported almost 300,000 bpd (barrels per day) of Venezuelan oil to the United States, providing a much-needed source of heavy crude to its own refineries and others operated by firms including Valero Energy, PBF Energy, Phillips 66 and Exxon Mobil.

 

 

Maduro claims US sanctions cut communication lines

March 10th 2025

Maduro takes on Western powers as a common threat to build unity around him

Venezuelan President Nicolás Maduro criticized US President Donald Trump’s decision to revoke Chevron’s licence to operate in the South American petrostate, claiming it disrupted communication channels and hindered the repatriation of irregular migrants

On International Women’s Day in Caracas, the Chavista head of State insisted that Trump had shot himself in the foot and sanctioned a US company.

The Bolivarian leader noted that his administration was anti-imperialist, not anti-American and welcomed foreign companies operating under Venezuelan laws. “If it were for us, and I say it more clearly, if it were for me as President, if it were for the high political-military command of the Bolivarian Revolution and if it were for our people, that Chevron company would stay working in Venezuela for another 100 years; we have no problems. Neither do we want to be colonies, nor do we want to be slaves of anyone, neither today nor ever again.”

He accused Washington of covering up corruption by opposition leaders such as Juan Guaidó, María Corina Machado, Leopoldo López and Julio Borges – who are said to have stolen Venezuelan assets and US funding for humanitarian aid – and pledged to defend Venezuela’s independence and unity despite external pressures.

The decision also impacted the “Return to the Homeland Plan,” which facilitated repatriation of Venezuelans from the US.

Maduro claimed that he meant to keep in touch with the Trump Administration “because I wanted to bring all the Venezuelans they have imprisoned and persecuted there unjustly for being migrants. Being migrants is not a crime.”

These statements were made days after reigniting the territorial dispute over the Essequibo region with Guyana while referring to Guyanese President Irfaan Ali as the “Zelensky of the Caribbean.” Maduro also accused Exxon Mobil of exploiting oil reserves in the disputed area.

“The government of Guyana has adopted a war plan against Venezuela. They think they will do well.”

In this scenario, Guyana – backed by allies such as the US and the UK – sought intervention from the International Court of Justice (ICJ). Venezuela escalated tensions by deploying troops near the border and holding a plebiscite to push for annexation. The dispute centers on conflicting agreements: Venezuela cites the 1966 Geneva Agreement, while Guyana references the 1899 Paris Arbitral Award.

 

 

 

 

 

US warns Venezuela after vessels threaten ExxonMobil’s FPSOs offshore Guyana

Amanda Battersby
Singapore

3 March

South American neighbors’ territorial dispute escalating

A diplomatic spat is brewing after Venezuelan naval vessels entered ExxonMobil’s Stabroek block offshore Guyana, threatening its floating production, storage and offloading vessels operating there including the Prosperity FPSO amid an escalating territorial dispute between the two nations. The Guyanese government claimed that at approximately 07:00 local time (11.00 GMT) on Saturday, a Venezuelan Coast Guard patrol ship approached Guyana’s offshore assets, including the Prosperity, before transmitting a radio message falsely claiming that the FPSO was operating in “disputed international waters”. It then proceeded on a southwesterly course towards other FPSOs operating on the Stabroek block.

Upstream has approached ExxonMobil via its 24/7 media centre in the US for possible comment on Venezuela’s incursion.

Five years after first oil: Guyana’s new riches spur fast growing economy

The territorial dispute over the Essequibo region that constitutes two-thirds of Guyana’s territory dates back almost 200 years, however the Caracas administration a decade ago became more insistent in its claim when oil was discovered off Essequibo’s coast, according to the Security Council Report.

In 2018, Guyana filed an application at the International Court of Justice (ICJ), instituting proceedings against Venezuela regarding the disputed territory and the ICJ ruling could come as early as this year, noted the SCR.
The General Secretariat of the Organization of American States (OAS) unequivocally condemns the recent actions of Venezuelan vessels threatening ExxonMobil’s FPSO units operating within Guyana’s internationally recognised maritime territory.

“Such acts of intimidation constitute a clear violation of international law, undermine regional stability and threaten the principles of peaceful coexistence between nations. The OAS reiterates its steadfast support for Guyana’s sovereignty and territorial integrity. The Venezuelan regime must immediately cease all aggressive manoeuvres that could escalate tensions in the region”.

The General Secretariat urged Venezuela to adhere to and respect ongoing international legal processes, including the adjudication of the territorial dispute before the International Court of Justice.

“Any attempt to use coercion or force to alter established borders is unacceptable and contrary to the fundamental principles of the OAS Charter and international law in general. We call on the international community to remain vigilant and to stand in defence of the rule of law and regional security.”

Guyana’s President, Mohamed Irfaan Ali, said the Government views the Venezuelan incursion as a serious threat to its territorial sovereignty and is taking all the necessary actions to address the situation.

“We are addressing the situation with the seriousness and responsibility it requires. We have summoned the Venezuelan ambassador… additionally I’ve already advised our embassy in Venezuela in Caracas to lodge a formal protest with the Venezuelan government.”

Guyana engaged the UK, France, US, Brazil and the Caribbean Community (CARICOM) on Venezuela’s move, and would also formally inform the ICJ of its neighbour’s breach. The US issued a stern warning to Nicolas Maduro’s regime following reports that a Venezuelan patrol boat entered Guyanese waters, threatening ExxonMobil’s offshore operations. The State Department’s Bureau of Western Hemisphere Affairs said ,

“Venezuelan naval vessels threatening ExxonMobil’s floating production, storage and offloading unit is unacceptable and a clear violation of Guyana’s internationally recognised maritime territory. Further provocation will result in consequences for the Maduro regime. The United States reaffirms its support for Guyana’s territorial integrity.”

Five years after first oil: ExxonMobil’s prolific Stabroek block producing at record rates for Guyana

US supermajor ExxonMobil has been producing oil at Stabroek since December 2019 when the Liza Phase 1 Development came on stream. Current production from the asset is around 660,000 barrels per day from three FPSOs and to date output from the prolific block has exceeded half a billion barrels of crude. The operator is aiming to have six FPSOs with combined gross nameplate capacity of more than 1.2 million barrels per day operating on Stabroek by the end of 2027.

ExxonMobil late last year completed the $1 billion-plus purchase of the Prosperity FPSO from Dutch floating production specialist SBM Offshore, which will continue operating and maintaining the floater until 2033.

ExxonMobil’s partners in the Stabroek block are compatriot Hess and CNOOC.

(Copyright)

 

 

 

 

OAS Statement on Venezuelan Threats to ExxonMobil in Guyana

March 1, 2025

The General Secretariat of the Organization of American States (OAS) unequivocally condemns the recent actions of Venezuelan naval vessels threatening ExxonMobil’s Floating Production Storage and Offloading (FPSO) units operating within Guyana’s internationally recognized maritime territory. Such acts of intimidation constitute a clear violation of international law, undermine regional stability, and threaten the principles of peaceful coexistence between nations.

The OAS reiterates its steadfast support for Guyana’s sovereignty and territorial integrity. The Venezuelan regime must immediately cease all aggressive maneuvers that could escalate tensions in the region.

The General Secretariat urges the Venezuelan regime to adhere to and respect ongoing international legal processes, including the adjudication of the territorial dispute before the International Court of Justice. Any attempt to use coercion or force to alter established borders is unacceptable and contrary to the fundamental principles of the OAS Charter and international law in general.

We call on the international community to remain vigilant and to stand in defense of the rule of law and regional security.

 

 

 

 

Venezuela rejects claims of violating Guyana’s sovereignty

2025, 03/03

Venezuela’s Minister of Defence, Vladimir Padrino López, categorically rejected President Irfan Ali’s statement accusing the country of entering Guyana’s territorial waters with a navy vessel.  López, a four star general, said Venezuela was ready to respond to any threat. Saturday’s controversial military operation aimed at safeguarding the integrity of Venezuela’s maritime and land territories.

“The Bolivarian Navy has been able to verify through satellite images, the presence of 28 foreign drilling vessels and tankers in the disputed area, which, with the consent of the Guyanese government and flagrantly violating International Law, are carrying out exploitation and commercialisation of hydrocarbons that lie underground.

It is imperative to remember that the aforementioned dispute has a valid legal instrument in force, deposited in the General Assembly of the United Nations, which governs its practical, political and satisfactory solution: the Geneva Agreement. Therefore, Guyana has no legal basis or legitimacy to unilaterally dispose of a space where it cannot exercise sovereignty or jurisdiction. We are attacked by proxies of North American imperialism such as Exxon Mobil,.”

López complained that some regional organisations had taken up biased and partial positions to promote hostility and warlike policies.

The Organization of the American States and The United States Bureau of Western Hemisphere Affairs reported international condemnation of Venezuela for its actions. UK Foreign Secretary David Lammy stated,

“Yesterday, Venezuela violated Guyana’s maritime territory in a provocative act. The UK is steadfast in its support for Guyana’s internationally recognised territorial integrity and urges Venezuela to refrain from such actions,.”

Eleven former Presidents of Spanish-speaking Ecuador, Colombia, Costa Rica, Panama, Paraguay, Puerto Rico, Spain, Mexico, Argentina and Bolivia, signed a condemnation letter, as members of the Latin American foundation Grupo Libertad y Democracia, which categorically rejected the incursion, saying it represented

“an unacceptable violation of Guyanese sovereignty and international rights that should be totally and firmly condemned. El Grupo Libertad y Democracia is making a call to the international community to respect the sovereignty of Guyana and to ensure it is not usurped by the Nicolas Maduro dictatorship that is trying to steal the natural riches of a country.”

 

 

 

Trump may leverage Chevron to advance Venezuela agenda

February 24, 2025 – (Bloomberg)

One of the key reasons Venezuela’s economy is slowly recovering from the worst collapse in modern history is an oil giant 2,200 miles away: Chevron Corp. The Houston-based oil major, which has a U.S. waiver to operate in Venezuela despite sanctions against Nicolás Maduro’s authoritarian regime, helped lift the OPEC founder’s crude production back above 1 million bpd, stoking an economy that lives and breathes oil.

Now Donald Trump is poised to leverage Chevron’s presence in Venezuela to get what he wants from Maduro.

The 2022 licence allowing Chevron to ramp up exports from Venezuela to a seven-year high is the most powerful tool the president has to advance his agenda in Caracas, which includes following through on his campaign pledge to halt irregular migration into the U.S.

Cancelling the waiver would sever a vital financial lifeline for Venezuela’s economy as it begins to perk up and generate more corruption by handing the government full control of oil trading again. Chevron has been operating in Venezuela for over a century but only recently began to exert an outsized influence on the economy.

The revenue Chevron generates in dollars from rising oil production stays in Venezuela and mostly gets reinvested in local currency through private banks, which can lend to companies that boost the economy — all out of the clutches of the government. Some trickles down to consumers, helping fuel an incipient recovery as luxury stores, retail chains and car dealerships open in the capital even as a majority of Venezuelans remains impoverished.

Trump sent a top adviser to Caracas in January, in a bold step to get to Maduro. The move resulted in the release of six American prisoners and the restart of deportation flights.

While it’s unclear if energy issues were discussed during special envoy Ric Grenell’s talks with Maduro, Chevron’s licence was untouched. It renewed automatically for six months the next day, as it does the first of every month. David Goldwyn, head of the energy advisory group at the Atlantic Council, said ,

“The licence is a very challenging card to play. Chevron’s activity in Venezuela is in both country’s interests, as it’s having an efficient player helping the Venezuela economy from falling back and preventing migrants from coming back.”

Trump is keeping his options open. The U.S. company’s operations in the sanctioned nation are currently under review, he t said on Feb. 18 in Florida. Asked whether he would continue to allow oil exports through Chevron, Trump said: “Maybe not.”

 

 

 

When elephants fight

Mariano Browne, Chief Executive Officer of the UWI Arthur Lok Jack Global School of Business

2025, 03/02

President Trump’s short time in office has been tempestuous. First came tariffs and then threats of territorial annexation or conquest. Elon Musk and his Orwellian-titled Department of Government Efficiency caused mayhem by wielding a sword over many government departments and programmes. A steady flow of world leaders has visited the White House in the last two weeks, either to seek terms or to mitigate further damage to their national interests.

Last week, the United States created the equivalent of a seismic shift in international relations by voting with Russia and China on its (US) resolution, which called for an end to the war in Ukraine.

The resolution did not demand Russia’s withdrawal or defend Ukraine’s territorial integrity or sovereignty. The other permanent members of the United Nations Security Council, Britain and France, traditional allies of the US, abstained as the resolution contradicted NATO’s position on the matter.

On Friday, Ukraine’s President Zelensky received a public dressing-down on live television, broadcast to the world.
The public shaming of President Zelensky, together with the UN vote, represents a marked shift in the post-World War II world. The US was no longer wearing gloves, and its Western European allies would have to find their way.

The NATO security guarantee cannot be relied upon under President Trump. Along with Canada and Mexico, President Zelensky learnt that under President Trump, the definition of friendship with the US has changed. Smaller countries now have reason to fear the meaning of a handshake in the White House, as the US no longer speaks softly while wielding a big stick.

Last week was also Venezuela’s turn and, by extension, T&T’s, as US Secretary of State Marco Rubio announced the intention to terminate “all Biden-era oil and gas licences … to the Maduro regime.” The Office of Foreign Assets Control (OFAC) falls under the Treasury Department, but the announcement by Secretary Rubio accords with the only voice that now matters in Washington—President Trump.

Where does that leave the Dragon deal and other potential gas deals in Venezuelan waters? The short answer is that the Dragon project is in limbo, and there will be no investment decision by the project partners anytime soon. The OFAC licence had an end date of October 2025, which was always dependent on the grace and favour of the US Government.

Unfortunately, projects are developed on firmer ground. No sensible investor would commit to a project unless all the necessary permissions are obtained and cast in stone. The short two-year “opportunity” afforded by the OFAC licence never amounted to much. The quicker the country embraces this reality, the quicker it would begin to address other possibilities.

The OFAC licence only gave enough time for the Shell/NGC joint venture partnership to secure and sign contractual agreements with the relevant Venezuelan authorities. These contracts gave the partnership the right to extract gas from the field and initiate the payment of the necessary fees under those rights for the 30-year life of the contract, whether the partnership operated those fields or not. These fees remain due and payable if the contract subsists. There may be force majeure clauses that allow for termination and, therefore, non-payment of applicable fees if an event occurs (like a withdrawal of the OFAC licence), which could frustrate the contract. This has not yet been disclosed.

Acting Prime Minister Stuart Young on February 27, assured the public that the Government would do all in its power to ensure that cross-border deals with Venezuela come to fruition. This statement was unhelpful as the definition of cross-border was too loose and imprecise.

Manatee and Manakin are cross-border gas fields. Dragon is across the border in Venezuelan waters. The projects do not fall neatly into one basket.

It is unlikely that OFAC could interfere with the exploitation of gas fields in Trinidad and Tobago’s waters, as these do not require an OFAC licence. The Dragon deal is more complicated.

Young said that there was “no indication of any negative effect on Trinidad and Tobago.” Further, “The Government continues to be engaged and continues to work on every angle we can.”

The reality is that the Government’s position is difficult. In the new reality of hegemonic politics as practised by the US under Trump, small states are even more vulnerable. The public humiliation of President Zelensky because he had no “cards” was a pellucidly clear demonstration of what US “soft” power now looks like. Locally, there will be some banter and posturing among the political parties. No T&T political party could have any meaningful impact on the current situation in the short term.

The road before T&T is not an easy one to travel. The options are limited, and managing these options requires a different style of leadership, public engagement and pragmatism. The Government has already stated that the next few years will be difficult, implying that rescue would come from Manatee when gas begins to flow in 2027. The same hopes were placed on Juniper and Angelin and were not realised. One cannot depend on a single project to rescue a country’s fortunes. Those vying for leadership positions would do well to come to terms with this reality.

 

 

 

US warns Venezuela over new threat in Guyana dispute

2 Mar 2025

On March 1, the long-standing territorial dispute between Venezuela and Guyana took a dramatic turn when an armed Venezuelan patrol ship entered Guyana’s waters and its personnel threatened workers on a US oil company’s FPSO, triggering international concerns between the neighbouring countries. In response, the US Department of State’s Bureau of Western Hemisphere Affairs confirmed support of Guyana.

“Venezuelan naval vessels threatening ExxonMobil’s floating production, storage and offloading (FPSO) unit is unacceptable and a clear violation of Guyana’s internationally recognised maritime territory. Further provocation will result in consequences for the Maduro regime. The United States reaffirms its support for Guyana’s territorial integrity and the 1899 arbitral award.”

The post was shared by US Secretary of State Marco Rubio.

President Dr Irfaan Ali told Guyana at around 7 am on March 1, a Venezuelan Coast Guard (CG) ship had entered Guyana’s exclusive economic zone (EEZ). and approached multiple assets, including the offshore platform Prosperity FPSO (Floating Production Storage and Offloading).

“The patrol vessel transmitted a radio message declaring that the FPSO was operating in what it termed ‘disputed international waters’ before continuing its course in a southwesterly direction towards other FPSOs. Let me be unequivocal: Guyana’s maritime boundaries are recognised under international law and this incursion is a matter of grave concern.”

Ali assured the public that the government was not acting precipitously.

“We are addressing this situation with the seriousness and responsibility that it requires.”

Guyana had summoned the Venezuelan ambassador to the Ministry of Foreign Affairs, registering a strong protest over the “incursion.”

Guyana’s embassy in Caracas was instructed to file a formal protest with the Venezuelan government.

Apart from the US, Guyana has informed international partners like the UK, France, the Caribbean Community (Caricom), the UN, the Commonwealth, and the Organization of American States (OAS).

“We continue to work with other neighbours, Brazil, at the military level and at the level of the state.”

The government already engaged legal teams to inform the Caribbean Court of Justice (CCJ).

Rich in natural resources, the Essequibo region is at the centre of the long-running territorial dispute between Venezuela and Guyana. Tensions increased owing to new offshore oil and gas finds in and around the disputed area.

Caricom cautions Venezuela

Caricom said such acts of aggression and provocation are contrary to international law and the 2023 Argyle Declaration, an agreement by Venezuela and Guyana not to use nor threaten to use force, directly or indirectly, in any dispute but to rely on international law including the 1966 Geneva Agreement in their dispute over the Essequibo region.

Caricom accused Venezuela of initiating the “provocative incident,” against the agreed commitment of Caricom and the Community of Latin American and Caribbean States (CELAC) to ensure that the region remains a zone of peace.

“It is critical that there be a peaceful resolution of the border controversy as is expected under the International Court of Justice, which already has conduct over the dispute. Against this backdrop, Caricom calls on Venezuela to order the urgent removal of the vessel from Guyana’s waters and further, to refrain from engaging with the FPSO platforms, as has been reported.”

What is required now, more than ever, is patience, calm and non-provocation on both sides.

“As was contemplated in the Argyle Declaration, a resolution of this controversy remains entirely possible without any acts of provocation or aggression. Caricom reiterates its well-known position which is unequivocal and unwavering support for the sovereignty and territorial integrity of Guyana.”

The Organization of American States (OAS) also threw support behind Guyana and condemned the alleged action by the Venezuelans. The OAS general secretariat unequivocally condemned the actions of Venezuelan naval vessels.

“Such acts of intimidation constitute a clear violation of international law, undermine regional stability, and threaten the principles of peaceful coexistence between nations. The OAS reiterates its steadfast support for Guyana’s sovereignty and territorial integrity. The Venezuelan regime must immediately cease all aggressive manoeuvres that could escalate tensions in the region. The general secretariat urges the Venezuelan regime to adhere to respect ongoing international legal processes, including the adjudication of the territorial dispute before the International Court of Justice.”

Any attempt to use coercion or force to alter established borders is unacceptable and contrary to the fundamental principles of the OAS Charter and international law in general.

“We call on the international community to remain vigilant and to stand in defence of the rule of law and regional security.”

Venezuela: Claims baseless

In its defence, Venezuela rejected Ali’s accusations and all accusations. The Venezuelan government issued a statement condemning the Guyana president’s remarks and labelled him “the Caribbean’s Zelenskyy,” referring to Ukrainian president Volodymyr Zelenskyy. The government accused Ali of trying to generate conflict in this region through “dangerous provocations,” saying his claims were baseless. The statement justified the Venezuelan presence, saying the waters do not form part of Guyanese territory since it is a maritime zone pending delimitation in accordance with international law.

“The remarks of Irfaan Ali, the Caribbean Zelenskyy, are full of inaccuracies, falsehoods and contradictions, in his eagerness to disrupt the peace and tranquillity of our region by sowing the seeds of a dangerous conflict. This new provocation seeks to escalate and disrupt our region as a zone of peace and responds to the war-mongering interests of ExxonMobil, with the public backing of pathetic figures such as Luis Almagro and Ivan Duque.” Almagro is a former secretary general of the OAS and Duque is the former president of Colombia.

The statement said it is unacceptable and constitutes a serious violation of international law that Guyana disposes itself of a territory over which there is a dispute.

“Even worse, it disposes a sea that has yet to be delimited, granting illegal concessions for the exploitation of energy resources, while systematically evading its international obligations under the 1966 Geneva Agreement, the sole legal mechanism governing the territorial dispute between the two nations.

Venezuela demands that Guyana stop dodging this agreement and fulfil its commitments to seek a negotiated, peaceful, practical and mutually satisfactory solution, as established by this binding instrument.”

Venezuela emphasised that it would continue to defend its historical and legal rights over the Essequibo area.

“Against the threats of conflict launched by the Caribbean Zelenskyy, in complicity with his international war-mongering network from the global north, Venezuela denounces this aggression and ratifies that it will deploy its Bolivarian diplomacy, firmly, in defence of peace, sovereignty and the dignity of its people.”

Venezuela also called for the convening of the Argyle mechanism, an international body intended to facilitate a peaceful resolution to the territorial dispute.

“The sun rises over the Essequibo.”

 

 

 

 

Venezuelan economist: Real Dragon negotiations will now begin

2025, 03/02

Despite the threat by the Trump administration to end all oil and natural gas agreements approved by the previous US government for Venezuela, a top economist in that country remains optimistic that all is not lost for Venezuela, with the world’s largest oil reserves.

Venezuelan economist Luis Vicente Leon posted his analysis, following US Secretary of State, Marco Rubio posting on Thursday that he was “providing foreign policy guidance to terminate all Biden-era oil and gas licences that have shamefully bankrolled the illegtimate Maduro regime.”

The T&T Government has been planning to request an extension from the US Government for the licence granted to Shell and the state-owned National Gas Company to develop the Dragon gas field in Venezuela, according to a Reuters report on Tuesday. The OFAC licence expires in October 2025. The licence, initially issued in early 2023, allows the companies to proceed with planning the project, which aims to supply gas to Trinidad by 2027.

Despite the latest announcement, Leon argued that the “game is not over” for Venezuela and justified why “the game has just begun.”

“Amid the heated debate over the budget in the United States, President Donald Trump has decided to suspend Chevron’s licence as of March 1, which undoubtedly pleases hardline American representatives and guarantees support for his budget proposal. But this move does not mean that the game is over. On the contrary, the game has only just begun. The decision leaves six months for the period of dismantling the company’s regular operations (wind down), during which it will continue to produce and export legally, while it plans its cessation of operations or negotiates its permanence based on other different conditions.”

Leon said there is no indication that this decision will affect, for now, the operations of the other international energy companies with active licences, which do not expire this year and there is no talk yet of re-imposing secondary sanctions.

“During these six months, the negotiation period between the governments of the United States and Venezuela opens to define the way in which the oil relationship will be managed. In the wake of the general licence, which had been cancelled previously, the American Government approved a list of individual licences (currently in force) that replaced the general cancellation and created a new framework for the relationship, which is certainly positive for the United States, given that each licence granted to the private sector represents an increase in its influence and control over the local energy sector. It is now, in these six months, where the real negotiations between Trump and Venezuela’s President will take place.”

He said it is obvious that Trump is a pragmatic and negotiating president and Venezuelans are going to see his concrete requests.

“The critical questions at this point are: How will the Venezuelan Government react to this new U.S. pressure strategy? Will it seek solutions that open the door to negotiations or will it launch its Plan B, which would mean the immediate de-Westernisation of the Venezuelan oil industry, handing over the fields susceptible to Trump’s decisions to China, Russia, Iran and others, with which it already has oil trade relations based on payment mechanisms free of blockades, which it learned to use in these last years of sanctions?”

He also raised the issue of whether Trump will focus his demands on Venezuelan President Nicolás Maduro on transactional elements that are truly negotiable today, such as the migration issue, political prisoners, the reduction of Chinese participation in Venezuela, and some elements of democratisation that do not represent a significant risk of losing power for Maduro.

Leon argued that if Maduro goes in that direction, the probability of success is high and rapid, or, on the contrary, will Trump direct his demands toward an immediate change of government, something that experience indicates will block any willingness to negotiate on the part of Maduro and the military sector. Venezuela’s military are likely to be a thousand times more willing to initiate their Plan B of total closure of opposition political participation and economic de-Westernization than to lose power with infinite exit costs for them and the entire revolution.

“It is obvious that the best scenario (possible and achievable, not theoretical and passionate) for Venezuela and the United States is to reach a new agreement that allows the country to continue participating in the Western energy markets. The greater the private participation, with full transparency of operations, anti-corruption controls and availability of international resources for investment, the better the conditions will be to continue the effective struggle in the political field.

On the contrary, crossing the border into radicalisation will only lead us to the worst scenario of economic and political ‘Iranianisation’ of the country. I have no idea where this will end, but I hope that passions and pressures do not lead us, once again, to the deterioration of the lives of the people and the country, with no real possibility of producing a political change, which never occurs in the economy, but always in society.”

TT economist Dr Anthony Gonzales agree that the situation is not as bad as it seems.

“Nothing was also said about the European companies allowed to operate in Venezuela, so clearer and more decisive action by OFAC ( the US Office of Foreign Assets Control) is needed to give more insight as to where the US is heading on this. We also have to watch the situation g with the Venezuelan migrants. In these conditions, an OFAC renewal for Dragon gas still remains a fifty-fifty chance.”

Alternative markets
Senior Venezuelan journalist, Miguel Ángel Pérez, founder of Venezuelan media outlet Iguana TV, in his analysis, argued that President Trump is giving away the Venezuelan energy market, with the largest reserves on the planet, to China and its Silk Road project and to the rest of the BRICS, an alliance to which Venezuela will sooner or later belong.

“The emerging superpowers will keep the oil that the US needs. Trump, in terms of energy, is shooting himself in the foot. He will have to turn it around, without losing face, in the silence of the negotiations. He will have to continue buying Venezuelan oil.”

 

 

 

 

 

US condemns Venezuelan naval threats to Guyana’s offshore assets

2025, 03/01

The U.S. State Department’s Bureau of Western Hemisphere, in a stern statement after a Venezuelan vessel approached Guyana’s assets within its exclusive economic zone (EEZ), condemned the actions as an unacceptable threat to Guyana’s internationally-recognised maritime territory and reinforced its strong backing for Guyana’s territorial rights, particularly in light of the 1899 arbitral award that determines the boundary between Venezuela and Guyana.

“Venezuelan naval vessels threatening ExxonMobil’s floating production, storage, and offloading (FPSO) unit is unacceptable and a clear violation of Guyana’s internationally-recognised maritime territory. Further provocation will result in consequences for the Maduro regime. The United States reaffirms its support for Guyana’s territorial integrity and the 1899 arbitral award.”

The vessel had issued a radio message claiming it was operating in “disputed international waters” before continuing its south-westerly course toward other offshore facilities. After the incident unfolded on Saturday, President Dr. Irfaan Ali said the assets are lawfully situated within Guyana’s EEZ, emphasising that the Venezuelan vessel’s actions were in violation of Guyana’s sovereignty and firmly rejecting the Venezuelan claim. He assured citizens that the government was handling the situation with utmost seriousness and responsibility.

“Let me be unequivocal. Maritime boundaries are recognised under international law, and this is a matter of grave concern.”

 

 

 

 

Impact of Rubio statement on Dragon gas deal and TT payment toVenezuela

2025, 02/28

Acting Prime Minister Stuart Young said yesterday that he is “concerned,” but “not uneasy” about the impact US Secretary of State Marco Rubio’s foreign policy plans will have on the Dragon gas deal and the T&T economy. A day after US President Donald Trump announced the termination of US energy company Chevron’s licence with Venezuela to export crude oil, Rubio said,

“Today, pursuant to @POTUS (US President Donald Trump) directive, I am providing foreign-policy guidance to terminate all Biden-era oil and gas licences that have shamefully bankrolled the illegitimate Maduro regime.”

Young told media the Cabinet meeting started late because he spent the morning with Shell and the US Embassy to assess the impact of Rubio’s comment on T&T.

“At this stage, there has been no indication of there being any negative effect on T&T. We have always said it is impossible to predict the future, and it is impossible to predict the decisions that certain administrations may take,.”

He said the Government is very aware of how important the Dragon deal is to the energy security of T&T, and to the stability of the Caricom region, as well as South America, extending as far as Europe.

“We are very aware of how important it is and who the decision makers are and we will continue to do all we can. Can we provide any assurance at this stage? The answer obviously is no. Are we engaged with the right people? We believe we are. And we will continue to work and at every step of the way, if there is something to report, we will.”

Criticising comments by Opposition Leader Kamla Persad-Bissessar about the announcement by Prime Minister Dr Keith Rowley that he is resigning on March 16, Young said, “This deal and this transaction and cross-border gas is not for the PNM (People’s National Movement), the (Opposition) United National Congress, any political entity. It is for citizens of Trinidad and Tobago.”

The Dragon deal and the natural gas that is expected to be delivered in 2027 are going to help the country with foreign exchange.

“It is what is going to help us to continue paying the bills on your behalf, continue ensuring that there are drugs in the hospital and that children can continue to receive education.”

As Minister of Energy, Young has been at the forefront of pursuing agreements with the US and Venezuela governments to facilitate the access by T&T to Venezuelan natural gas from the Dragon field, located near to Trinidad’s north-west maritime border, and to cross-border gas from the Cocuina-Manakin field, off Trinidad’s south-east coast.

As a result of the negotiations, the US Office of Foreign Assets Control (OFAC), under the Biden administration, granted T&T and state-owned National Gas Company exemptions from US sanctions to develop the Dragon field, in partnership with multinational energy giant, Shell, and the Cocuina-Manakin field with energy major, BP.

Young also led negotiations that resulted in Venezuela granting T&T a 30-year exploration and production licence in December 2023 to explore, produce and export natural gas from the Dragon field to T&T. In July 2024, T&T and Venezuela signed a 20-year agreement to develop the Cocuina-Manakin field.

Young was also asked whether the Government or either of its international partners had bankrolled the Venezuelan government.

“The answer to that is no. We have entered into a commercial transaction or licence that has been published in the Venezuelan gazette…and you can see very clearly there what are the cash transactions. Until the gas field starts up, and you start to pay things like royalty, we certainly don’t fall into any large payments or payments made to the Venezuelan government”.

Responding to another question, Young said payments have been made to the Venezuelan government, but he could not say what the exact payments were for, at this stage, “because that is being handled by NGC and Shell.”

He compared the payments for the Dragon field with payments received by T&T from EOG Resources for two production-sharing contracts (PSCs) in January.

“Immediately on that signature of mine being put, along with the signature of the EOG representative, significant sums of US dollars were paid by EOG to the government of T&T in something called a signing bonus. The same thing has happened with all the other PSCs we do. Would that be considered significant? That is the normal course of business in the oil and gas sector…and that is what would have been done by Shell and NGC,” said the acting prime minister.

 

 

 

 

PM slams Kamla’s attack on Maduro government

27 Feb 2025

 

Outgoing Prime Minister Rowley condemned Opposition Leader Kamla Persad-Bissessar for trying to harm the Dragon gas deal between Trinidad and Tobago and Venezuela.

On February 25, Persad-Bissessar described Venezuelan President Nicolas Maduro’s government as a “dictatorial, kleptocratic and drug-trafficking” regime.

She said Energy Minister Stuart Young, who will succeed Rowley as prime minister on March 16, was the facilitator of the Dragon deal and other TT-Venezuela energy deals. Rowley was unconcerned about dealings with Venezuela as he prepares to retire from electoral politics.   She claimed Young will receive the same “punitive fate” as Rowley.

Rowley recalled Persad-Bissessar and Oropouche East MP Dr Roodal Moonilal being critical of efforts by government to secure the Dragon deal. On December 21, 2023, the Venezuelan government issued the licence to NGC and Shell to develop and export natural gas from the Dragon gas field to TT. The Office of Foreign Assets Control (OFAC) of the US Treasury played a key role in granting this licence under the Biden administration. Concerns were raised about whether the Dragon project could be in jeopardy after Donald Trump won the presidential election on November 4.

The US$1 billion Dragon gas deal was first signed between TT and Venezuela in August 2018 but remained in limbo after US President Trump imposed sanctions on Venezuela in 2019.

In a letter to Trump on November 6, the Prime Minister said, “The Republic of TT and the USA share a long and enduring relationship, founded on deep ties across many sectors, including trade, security, culture and people-to-people exchanges. We look forward to further strengthening our cooperation in the years ahead.”

Rowley described Persad-Bissessar’s attack on Maduro’s government as ill-advised.

“Well this is an even more unpatriotic act….an attempt to provoke them to scuttle any favourable dealings with Trinidad and Tobago and is a call to the US government to take action against Venezuela knowing that any such action by the US is likely to damage or destroy the current arrangements upon which TT depends for future gas supplies.”

He said the only good thing about Persad-Bissessar’s statement is her understanding of the word “kleptocratic”.

“It means, stealing from the public purse. Imagine UNC persons using that word against Maduro, or anybody for that matter. What will this kleptocratic cabal not do in an effort to harm the people of TT?  Who is hoping to benefit from this reckless stupidity.”

Rowley advised the population to take heed. “We are being warned.”

 

 

 

Trump cancels oil deal in major blow to Venezuela

Vanessa Buschschlüter
Latin America editor, BBC News Online

Ione Wells
South America correspondent

US President Donald Trump says he will revoke a licence allowing Venezuela to export oil to the US despite sanctions.

The move is a major blow to the Venezuelan government as the licence provided it, through joint ventures between the state oil company and US oil giant Chevron, with a crucial income in dollars. Trump said he was revoking the licence – which gave Chevron permission to operate in Venezuela – because the government of Nicolás Maduro had failed to meet “electoral conditions” and had not transported “violent criminals” deported from the US at a quick enough pace.

Venezuela called the decision “damaging” and said it could increase migration to the US.

Trump made the announcement on Truth Social, writing that he was “hereby reversing the concessions that Crooked Joe Biden gave to Nicolás Maduro, of Venezuela, on the oil transaction agreement, dated November 26, 2022”.

He did not clarify which concessions he was referring to, but the only licence related to Venezuela granted that day was issued by the US treasury authorising Chevron to “resume limited natural resource extraction operations in Venezuela”.

The licence allowed Chevron to operate joint ventures with Venezuela’s state-controlled oil company PDVSA, but barred the US company from paying “any taxes or royalties to the Government of Venezuela”.

Chevron’s spokesman Bill Turenne said on Wednesday that “Chevron conducts its business in Venezuela in compliance with all laws and regulations, including the sanctions framework provided by US government”.

Chevron Chief Executive Mike Wirth argued that if Chevron was forced to pull out of Venezuela, it would allow companies from China and Russia to increase their presence and influence there. He also warned that Venezuela’s economy could suffer more if Chevron left , which could drive further migration to the US.

The Venezuelan opposition, on the other hand, has in the past argued for the licence to be revoked, arguing that it provides the Maduro government with “a financial lifeline”.

The licence was granted in 2022 by the Biden Administration in an attempt to entice the Maduro government to allow free and fair elections. It remained in place even after Venezuela’s government-aligned electoral council declared Maduro the winner of the presidential election in July 2024 – a result which has been refuted by the opposition and by a number of countries, including the US, which recognised Maduro’s rival as the legitimate winner instead.

President Trump’s announcement came less than a month after his envoy, Richard Grenell, met Nicolás Maduro in Caracas. Grenell secured the release of six US citizens who had been held in Venezuela, as well as a deal under which the Maduro government sent planes to the US to fetch deported Venezuelans.

Trump said “the regime has not been transporting the violent criminals that they sent into our Country (the Good Ole’ U.S.A.) back to Venezuela at the rapid pace that they had agreed to”. He was “therefore ordering that the ineffective and unmet Biden ‘Concession Agreement’ be terminated” as of 1 March.

Venezuelan Vice-President Delcy Rodríguez warned that US sanctions had in the past led to an increase of Venezuelans migrating to the US and that this was likely to happen again.

Stopping undocumented migration has been one of Trump’s main priorities since taking office. The announcement had a swift effect on oil prices, which rose more than 1% on Thursday.

 

 

 

Trump Cancels Chevron’s Venezuela Oil License

Feb 27, 2025

U.S. President Donald Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns.

In a post on Truth Social, Trump said he was “reversing the concessions” of the “oil transaction agreement, dated November 26, 2022.”

Trump did not name Chevron in his comments, but Washington granted Chevron a license to operate in Venezuela’s oil sector on November 26, 2022. It was the only license the administration issued for Venezuela that day.

“The U.S. government has made a damaging and inexplicable decision by announcing sanctions against the U.S. company Chevron,” Venezuelan Vice President Delcy Rodriguez said. “these kinds of failed decisions” had prompted migration out of Venezuela.

The White House did not immediately respond to requests for further detail on Trump’s comments. U.S. Secretary of State Marco Rubio later said he will provide foreign policy guidance to terminate all Biden-era oil and gas licenses “that have shamefully bankrolled the illegitimate Maduro regime.”

It was not immediately clear which, if any, other companies that would affect, but the U.S. State and Treasury Departments have granted a number of licenses and authorizations in recent years, including to foreign firms.

Chevron said it was aware of Trump’s post and was considering its implications. Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country’s entire oil output. Ending the license means Chevron will no longer be able to export Venezuelan crude. If Venezuela’s state oil company PDVSA exports oil previously exported by Chevron, U.S. refineries will be unable to buy it due to U.S. sanctions. Since his return to office in January, Trump has repeatedly said the U.S. does not need Venezuelan oil and left open the possibility of revoking Chevron’s operating license.

During his first term, Trump pursued a “maximum pressure” sanctions policy against Maduro’s government, especially targeting Venezuela’s energy business. After initially easing sanctions to encourage fair and democratic elections, Biden in April reinstated broad oil sanctions, saying Maduro failed to keep his electoral promises. Biden had left the Chevron license intact, along with U.S. authorizations granted to several other foreign oil companies.

Tax and royalty payments resulting from Chevron’s license have provided a steady source of revenue to Maduro’s administration since early 2023, a source familiar with Venezuela’s oil industry said. The money lifted Venezuela’s economy, especially its oil-and-banking sectors, which expanded last year. The government take from oil activities covered by all U.S. licenses, to Chevron and a handful of European companies, is estimated between $2.1 billion and $3.2 billion annually, only considering royalties and taxes, said Jose Ignacio Hernandez from consultancy Aurora Macro Strategies.

U.S. Energy Secretary Chris Wright said after Trump’s comments that the U.S. is the world’s largest oil producer and “small interruptions from other nations” will not affect global supply.

Electoral Conditions ‘Not Been Met’

In early February, a day after U.S. envoy Richard Grenell met Maduro in Caracas and brought six U.S. detainees back, Trump said Caracas had agreed to receive all Venezuelan migrants in the United States illegally and provide for their transportation back

Maduro had not met “electoral conditions” and was not transporting Venezuelans back to the United States at a pace that had been agreed . Trump did not detail what he meant by “electoral conditions.” Maduro’s last two election wins were both disputed by Washington, with Venezuela’s opposition saying it won the July 2024 presidential election by a landslide, an assertion backed by the U.S. and other Western countries.

The cancellation of the license proves Trump is on the side of Venezuelans, opposition leader Maria Corina Machado told Trump’s son Donald Trump Jr. during an interview .

“What you just mentioned is proof for me that President Trump is on the side of the Venezuelan people, of democracy, and prosperity of the U.S. and for Venezuela as well. This is exactly the path ahead,” Machado said, adding the question from Trump Jr. was the first she had heard of his father’s decision.

The oil concession agreement would be terminated as of the March 1 option to renew. It was not immediately clear what would happen with cargoes of Venezuelan crude currently navigating to U.S. ports or about to depart from Venezuela through the end of the month.

Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an “economic war” designed to cripple Venezuela. Maduro and his allies have cheered what they say is the country’s resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions.

When the license was first issued, Chevron was owed about $3 billion by Venezuela. According to the company’s debt recovery plan, explained by sources, by the end of 2024 it should have recouped some $1.7 billion as oil output approached an average of 200,000 barrels per day as expected. Chevron’s automatically renewing license allowed it to expand crude output at joint ventures with PDVSA and send some 240,000 bpd to its own refineries and other customers.

Chevron said earlier in February it will lay off up to 20% of its global staff by the end of 2026 as part of an effort to cut costs and simplify the business. Chevron told its employees the company was falling behind competitors and struggled to quickly make decisions.

(Reuters – Reporting by Matt Spetalnick and Timothy Gardner in Washington and Marianna Parraga in Houston; additional reporting by Sheila Dang in Houston, Jasper Ward and Daphne Psaledakis in Washington, Julia Symmes Cobb in Bogota and Shivani Tanna in Bangalore; Editing by Rosalba O’Brien, Chris Reese, Lincoln Feast and Neil Fullick)

 

 

 

 

 

Trump axes Chevron’s Venezuela oil license, citing lack of electoral reforms

Venezuela’s lack of dredging causes trouble for Chevron’s heavy oil exports

• • • • Trump says Venezuela not taking migrants back fast enough
      • Trump also cites Venezuela’s ‘electoral conditions’
      • Oil agreement was concession granted to Chevron
      • U.S. oil licenses boosted Venezuela’s economy

WASHINGTON, Feb 26 (Reuters) – U.S. President Donald Trump on Wednesday said he was reversing a license given to Chevron to operate in Venezuela by his predecessor Joe Biden more than two years ago, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns. In a post on Truth Social, Trump said he was “reversing the concessions” of the “oil transaction agreement, dated November 26, 2022.”

Trump did not name Chevron in his comments, but Washington granted Chevron a license to operate in Venezuela’s oil sector on November 26, 2022. It was the only license the administration issued for Venezuela that day.

“The U.S. government has made a damaging and inexplicable decision by announcing sanctions against the U.S. company Chevron,” Venezuelan Vice President Delcy Rodriguez said in a statement .    She said “these kinds of failed decisions” had prompted migration out of Venezuela.

The White House did not immediately respond to requests for further detail on Trump’s comments.

U.S. Secretary of State Marco Rubio later said he will provide foreign policy guidance to terminate all Biden-era oil and gas licenses “that have shamefully bankrolled the illegitimate Maduro regime.”

It was not immediately clear which, if any, other companies that would affect, but the U.S. State and Treasury Departments granted a number of licenses and authoritizations in recent years, including to foreign firms.

Chevron said it was aware of Trump’s post and was considering its implications.  Chevron exports about 240,000 barrels per day of crude from its Venezuela operations, over a quarter of the country’s entire oil output.   Ending the license means Chevron will no longer be able to export Venezuelan crude. If Venezuela’s state oil company PDVSA exports oil previously exported by Chevron, U.S. refineries will be unable to buy it due to U.S. sanctions.

Since his return to office in January, Trump has repeatedly said the U.S. does not need Venezuelan oil and left open the possibility of revoking Chevron’s operating license.

During his first term, Trump pursued a “maximum pressure” sanctions policy against Maduro’s government, especially targeting Venezuela’s energy business.

After initially easing sanctions to encourage fair and democratic elections, Biden in April reinstated broad oil sanctions, saying Maduro failed to keep his electoral promises. But Biden had left the Chevron license intact, along with U.S. authorizations granted to several other foreign oil companies.

Tax and royalty payments resulting from Chevron’s license have provided a steady source of revenue to Maduro’s administration since early 2023, a source familiar with Venezuela’s oil industry said. The money has lifted Venezuela’s economy, especially its oil-and-banking sectors, which expanded last year.

The government take from oil activities covered by all U.S. licenses, to Chevron and a handful of European companies, is estimated between $2.1 billion and $3.2 billion annually, only considering royalties and taxes, said Jose Ignacio Hernandez from consultancy Aurora Macro Strategies.

U.S. Energy Secretary Chris Wright said on Wednesday after Trump’s comments that the U.S. is the world’s largest oil producer and “small interruptions from other nations” will not affect global supply.

ELECTORAL CONDITIONS ‘NOT BEEN MET’
In early February, Trump said Caracas had agreed to receive all Venezuelan migrants in the United States illegally and provide for their transportation back.

That came a day after U.S. envoy Richard Grenell met with Maduro in Caracas and brought six U.S. detainees back.

Trump said in Wednesday’s post Maduro had not met “electoral conditions” and that he was not transporting Venezuelans back from the United States at a pace that had been agreed to.  Trump did not detail what he meant by “electoral conditions.” Maduro’s last two election wins were both disputed by Washington, with Venezuela’s opposition saying it won the July 2024 presidential election by a landslide, an assertion backed by the U.S. and other Western countries.

The cancellation of the license proves Trump is on the side of Venezuelans, opposition leader Maria Corina Machado told Trump’s son Donald Trump Jr. during an interview on the latter’s video and podcast interview show.

“What you just mentioned is proof for me that President Trump is on the side of the Venezuelan people, of democracy, and prosperity of the U.S. and for Venezuela as well,” Machado said, adding the question from Trump Jr. was the first she had heard of his father’s decision. “This is exactly the path ahead.”

The oil concession agreement would be terminated as of the March 1 option to renew, Trump said.   It was not immediately clear what would happen with cargoes of Venezuelan crude currently navigating to U.S. ports or about to depart from Venezuela through the end of the month.

Maduro and his government have always rejected sanctions by the United States and others, saying they are illegitimate measures that amount to an “economic war” designed to cripple Venezuela.   Maduro and his allies have cheered what they say is the country’s resilience despite the measures, though they have historically blamed some economic hardships and shortages on sanctions.

When the license was first issued, Chevron was owed about $3 billion by Venezuela. According to the company’s debt recovery plan, explained by sources, by the end of 2024 it should have recouped some $1.7 billion as oil output approached an average of 200,000 barrels per day as expected.   Chevron’s automatically renewing license allowed it to expand crude output at joint ventures with PDVSA and send some 240,000 bpd to its own refineries and other customers.

Chevron said earlier in February it will lay off up to 20% of its global staff by the end of 2026 as part of an effort to cut costs and simplify the business. Chevron told its employees the company was falling behind competitors and struggled to quickly make decisions.

 

 

 

 

 

 

UNC won’t honour any refinery deal the PNM signs

2025, 02/28

United National Congress leader Kamla Persad-Bissessar says her party will not honour any agreement the current People’s National Movement (PNM) Government enters regarding the Pointe-a-Pierre refinery—and Government’s “colluding” with Nicolas Maduro’s Venezuela regime is the “worst Bend Over” in T&T’s energy sector history.

“And we guarantee that the UNC will pursue investigations against everyone who participates in this theft of the PaP refinery assets,” Persad-Bissessar also promised .

The Opposition Leader made the comment yesterday after word from acting Prime Minister Stuart Young that Oando PLC was chosen as the preferred bidder for the “mothballed” Petrotrin refinery.   Cabinet decided to inform Trinidad Petroleum Holdings Limited (TPHL) of its non-objection to the recommendations of the Vishnu Dhanpaul evaluation committee and its proposals for the sale of the refinery.

It was agreed TPHL should consider the recommendations and proceed accordingly. Oando is a Nigerian-based oil and gas company that trades in crude oil and petroleum products.

Noting issues with the arrangement, Persad-Bissessar said, “The entire country knows that this disposal of the refinery on the eve of a general election is a last-gasp corrupt deal to fill the pockets of this outgoing government. This is the third time this Government has found disreputable (sic) persons to gift the refinery. The first were two electricians in a storefront in the US called Quanten LLC, then corruption-accused Jindal and now corruption-plagued Oando.

“The UNC will not honour any agreement that this Government enters into regarding the Pointe-a-Pierre refinery and we guarantee that the UNC will pursue investigations against everyone who participates in this theft of the refinery assets.”

Citing a report on the refinery’s $1.67 billion operating profit during 2018, its last year of existence, she alleged, “Despite making a profit in its last year of operation, the refinery was shut down to protect Rowley’s best friend and scuttle criminal investigations. The UNC commits to restarting the Petrotrin refinery in consultation with local stakeholders following the general elections.”

Persad-Bissessar also commented on Young’s statements regarding the future of T&T’s Dragon gas and other fields in Venezuela, following US Secretary of State Marco Rubio’s directive eliminating oil and gas licences for foreign companies in Venezuela.

“Today, the PNM Government found out ‘wah Trump cud do weee’. Rowley and Stuart’s 10 years colluding with the illegitimate drug trafficking government of Nicolas Maduro for access to Dragon field gas will be recorded as the worst ‘bend over’ in our energy sector history. US Secretary of State Rubio’s post on X was the latest humiliation dealt to Young and Rowley following a series of failures.

Stuart has been out of his depth in Government for the last 10 years. He is simply an unremarkable junior lawyer foisted onto the country by Rowley …. All metrics in the energy sector are down and he had no solid or sensible answers (at the media briefing) when asked about the future of our country’s gas production or oil refining industries.”   

 

 

 

 

American Petroleum Institute solutions to meet rising power demand

27 Feb 2025

American Petroleum Institute President and CEO Mike Sommers discussed rising electricity demand driven by the artificial intelligence (AI) revolution and detailed policy solutions for the Trump administration and new Congress to power America’s energy future.

‘The scale of America’s energy need is breathtaking and we have the opportunity to power that future. The electricity AI will need is unprecedented. By one estimate, if we want to keep the bulk of AI on American soil, we’ll need to dedicate about 51 gigawatts just to data centers. That’s equal to 103 percent of all the generation capacity in Pennsylvania.’

After nearly two decades of relatively little change, U.S. power consumption is projected to increase 25 percent over the next seven years. In less than a decade, the U.S. will require about 1,000 terawatt hours of additional power—the amount Japan generates annually.

Yet in 2023, America produced less electricity than we had five years prior.

‘We have the opportunity to write the next chapter. ‘o rebuild our failing infrastructure, we need sensible permitting reform. We need to green-light LNG exports and process pending applications. We need to open up leasing, onshore and offshore, and ensure the American people’s federal lands and waters are working for them.’

Sommers emphasized President Trump’s ‘energy mandate’ and pointed to API’s Five Point Policy Roadmap as the path forward for the new administration and Congress.

‘Americans want our leaders to channel the proactive, pioneer spirit that made us the greatest nation and economy in world history. ‘

A new American century needs American power. Let’s seize this moment, face our destiny and unleash the energy America needs.’

 

 

 

 

 

Commonwealth Day; King Charles III Message

March 10th 2025

This year also marks the 60th anniversary of the Commonwealth Secretariat, the executive arm of the association.

In honor of Commonwealth Day, 10th of March, the Union Flag will be raised alongside the Falkland Islands Flag in the company of Members of the elected Legislative Assembly and Acting Governor Dave Morgan.

In London, the King and Queen and Members of the Royal Family will attend the annual Commonwealth Day service at Westminster Abbey. . Ahead of this year’s celebration, there will be a Commonwealth Message from King Charles III, Head of the Commonwealth.

“The task of restoring the disrupted harmony of our entire planet”

“Last October, leaders from across the Commonwealth came together in Samoa to reaffirm their ‘belief in the value of the Commonwealth as a trusted forum where diverse voices of our member states, the large and the small, the young and the old, come together as one family’.

These gatherings are important for helping all Commonwealth nations to tackle the challenges of the day, yet they also play another vital role. In these uncertain times, where it is all too easy to believe that our differences are problems instead of a source of strength and an opportunity for learning, the Commonwealth’s remarkable collection of nations and peoples come together in the spirit of support and, crucially, friendship.

“This year, the world reflects on the eightieth anniversary of the end of World War 2. More than one-and-a-half million men and women who served during the War came from across the Commonwealth to support the United Kingdom and its allies. On this special anniversary, we remember with particular pride and everlasting gratitude the untold sacrifice and selflessness of so many from around our Family of Nations who gave their lives in that dreadful conflict.

“The Commonwealth’s ability to bring together people from all over the world has stood the test of time and remains as ever-important today.

“Leaders recently reiterated the importance of collaboration for peace and human rights, as well as for the restoration of Nature both on land and in the oceans. As we mark this Commonwealth Day together, there is no more important task than to restore the disrupted harmony of our entire planet. For the sake of our younger generations’ threatened future, I can only hope that the Commonwealth will continue its vital work to restore that harmony”.

2.5 billion Citizens in 56 countries

Commonwealth Day is an annual celebration observed by 2.5 billion citizens across the Commonwealth in Africa, Asia, the Caribbean and Americas, the Pacific and Europe.

The 2025 edition begins the second Monday of March, with events and activities taking place throughout March, including civic and faith gatherings, school assemblies, debates, flag-raising ceremonies and cultural celebrations.

This year’s theme, ‘Together We Thrive’, celebrates the enduring spirit of the Commonwealth family – 56 independent member countries united by shared values enshrined in the Commonwealth Charter. Rooted in the principles of family, unity and peace, the theme highlights the importance of fostering strong and connected communities that support and empower their members, enabling meaningful progress.

 

 

 

Carney is Canada PM

Monday, March 10th 2025 –

In 2013, Carney became the first non-citizen to run the Bank of England since it was founded in 1694

Mark Carney, a former central banker and governor of both the Bank of Canada and the Bank of England, has been elected as the new leader of Canada’s Liberal Party, succeeding Justin Trudeau as prime minister after a landslide victory over former Finance Minister Chrystia Freeland with 85.9% of the vote. His election comes as the United States threatens a trade war with President Donald Trump’s tariffs and his wish for Canada to become the 51st U.S. state.

Carney, a political novice with extensive financial experience, emphasized his background as key to managing trade negotiations and revitalizing the Liberal Party. He vowed to maintain retaliatory tariffs until Canada is respected and also strongly criticized Trump for attacking Canadian families, workers and businesses, amid a surge in Canadian nationalism, boosting the Liberal Party’s standing in polls as they approach a federal election, expected soon. Carney warned,

“There is someone who is trying to weaken our economy. Donald Trump has imposed unjustified tariffs on what we manufacture, what we sell and how we make a living. Trump is attacking families, we can’t let him succeed.

We didn’t ask for this fight. But Canadians are always ready when someone else drops the gloves. The Americans should make no mistake, in trade, as in hockey, Canada will win.

The Americans want our resources, our water, our land, our country. Think about it. If they succeed, they would destroy our way of life. In America, health care is big business. In Canada, it is a right. Canada never, ever will be a part of America in any way, shape or form.”

Trudeau resigned in January after nine years in power amid declining popularity as food and housing prices rose and immigration surged. Carney is set to lead the government until the next election, potentially calling one in the coming weeks or facing a no-confidence vote from opposition parties.

While Carney lacks a seat in the House of Commons, he plans to seek one quickly in line with tradition.

The political climate in Canada is tense, with trade disputes and national identity at the forefront, as Carney, 59, positions himself as a staunch defender of Canadian sovereignty and economic stability. The Liberal Party is now believed to be on equal terms with the conservative opposition led by Pierre Poilievre, with elections looming.

In 2013, Carney became the first non-citizen to run the Bank of England since it was founded in 1694.

 

 

 

Energy service company promotes safety

February 12

At a panel of the energy conference hosted by the Energy Chamber of Trinidad and Tobago on February 11, Jesse Stanley, president of operations for the Americas for Wood, highlighted the importance of a holistic investment approach in the future of the service sector, particularly in TT’s energy landscape. Investment should go beyond capital to ensure sustainable growth.

“It is also about how we are investing in safety, workforce development, and technology.”

Woods, a global services company, invests in its expertise, training and technology. From a safety perspective, Stanley acknowledged the huge advances in technical safety, highlighting challenges, including an ageing (retiring) workforce and the new workforce and the importance of a safety culture.

“We need to work together as operators and the service industry on the pillars that underpin a very successful safety culture,.”

Stanley suggested worker involvement schemes like safety programmes, proactive initiatives and open communication.

“Are we investing in the softer skills that allow us to cultivate a safe culture on sites and then ensuring that we hold people accountable when those behaviours are not in line with the culture we want to have?”

People who speak up, stop work, or intervene in unsafe situations should be celebrated. Stanley underscored the role of psychological safety, ensuring that every worker feels valued and empowered to voice concerns.

Addressing workforce challenges, Stanley expressed concern over declining interest in the craft trades industry.Proactive efforts attract and retain talent, particularly among younger generations.

“How we are responding, and we encourage you to join us, is investing more with career development at an early age,”

The company is taking the excitement of the energy industry to schools and partnering with the universities with initiatives such as the World of Work in which Massy Wood participates.

Other panellists included the executive director for Upstream, S&P Global Commodity Insights, Ricardo Bedregal; president and CEO of Touchstone Exploration, Paul Baay; and executive vice-president of Macro Analysis & Advisory of Welligence Energy Analytics, Carlos Bellorin.

February 11 marked the second day of the three-day conference.

Day two also included several other panels with industry leaders and experts in the energy sector.

These include principal analyst upstream research at Wood Mackenzie, Adrian Lara: managing partner of Gas Energy (Latin America), Antero Alvarado: partner at Sucre Energy Group Santiago Fontiveros; and director of Camara Petrolera de Venezuela Servicompresores CA, Julian Grateron.

 

 

 

Colombia

Maurel & Prom to acquire 40% working interest in the Sinu-9 gas licence

11 Feb 2025

Maurel & Prom has entered into a definitive agreement with NG Energy International to acquire of a 40% operating working interest in the Sinu-9 gas licence in Colombia, pursuant to the letter of intent signed on 19 January 2025.

Olivier de Langavant, Chief Executive Officer of M&P, declared: ‘We are very happy to have swiftly finalised this agreement with NG Energy. Sinu-9 is a great asset with tremendous potential, which suits perfectly our growth strategy in the region.

The partners on the block have done a fantastic job in bringing the asset to first production, and Sinu-9 is set to contribute substantially to Colombia’s energy security.

Our agreement provides for the involvement of M&P in the work programme starting from now, and our teams are already joining efforts with NG Energy to progress on the development and exploration of the asset.’

 

 

Panama Canal

Eric Platt in New York, Kaye Wiggins and Chan Ho-him in Hong Kong and Ivan Levingston in London

FT MAR 5 2025

The billionaire elite who answered Donald Trump’s call on Panama Canal

How Li Ka-shing, Larry Fink and Adebayo Ogunlesi struck a $22.8bn ports deal within weeks

In an address to the nation on Tuesday, US President Donald Trump vowed his administration would reclaim the Panama Canal, promising to fulfil a promise to retake the critical juncture that connects the Atlantic and Pacific oceans.

“We’ve already started doing it,” he said, nodding to a “large American company” that had agreed to take over two major ports at either end of the passageway “just today”.

Trump was well aware of the deal — BlackRock’s $22.8bn takeover of 43 ports owned by billionaire Li Ka-shing’s CK Hutchison, including two at either end of the Panama Canal — before it was announced on Tuesday.

The president and top members of his administration, including Marco Rubio, had been briefed by Larry Fink, BlackRock’s billionaire chief executive. Fink proved to be a critical player in a transaction that lacked many of the hallmarks of a multibillion-dollar acquisition.

While some of the biggest names in the buyout industry took a look at the port portfolio — including Blackstone and KKR — the usual hordes of Wall Street advisers were not on hand. Blackstone and KKR declined to comment.

The transaction underscores the power Trump’s words have come to exert on global commerce and the speed with which companies’ most powerful executives are responding to his wishes.

The deal was being mapped out in CK Hutchison’s home territory of Hong Kong within days of Trump taking office after he said in his inaugural address that “China is operating the Panama Canal . . . and we’re taking it back”.

That pledge prompted senior executives at CK Hutchison to take action, said two people with knowledge of the matter. It had become clear that the exposure was likely to become a larger and larger problem.

Crucially, they decided it would be unwise just to sell the politically sensitive Panama ports. Instead, the company — whose share price had fallen 40 per cent in the five years running up to the deal’s announcement — saw a chance to turn the situation to its advantage.

By taking the drastic step of exiting vast swaths of the ports business that has been a central part of its identity since the 1990s, the group has removed itself from Trump’s crosshairs and struck a deal that boosted its struggling share price by more than 20 per cent on Wednesday.

The deal will bring in $19bn of cash, according to CK Hutchison, some of which is likely to be handed to shareholders through dividends or buybacks. Talks to seal the acquisition were swift, lasting just weeks and largely negotiated over video conference and telephone calls.

They were driven by some of the biggest names in finance in Hong Kong and New York. Goldman Sachs helped oversee a speedy and largely informal sale process that secured expressions of interest from several of the world’s largest infrastructure investors, said a person familiar with the matter.

Michael Corbat, who has kept a low profile since stepping down as Citigroup chief executive in 2021, was a key broker advising CK Hutchison from his base in Jackson Hole, Wyoming. BlackRock was joined in its bid by Global Infrastructure Partners, the private infrastructure investment company it purchased last year; and Terminal Investment Limited (TIL), a ports operator backed by GIP and the world’s biggest container shipping line, Mediterranean Shipping Company (MSC).

The negotiations went right to the top of each group, including Fink at BlackRock, GIP chief executive Adebayo Ogunlesi and Li Ka-shing, as well as his son Victor.    Diego Aponte, a scion of the ultra-wealthy Aponte family behind MSC, also played a crucial role, said two people with knowledge of the talks.

The shipping giant had a close relationship with CK Hutchison’s port business as one of its top customers. That working relationship bolstered the BlackRock consortium’s bid.

CK Hutchison “knew it was going to another billionaire family that they trusted”, one person briefed on the negotiations said, referring to the Aponte family. “And they knew the power the BlackRock name had.”

The deal caught industry analysts off guard. Bank of America described it as “a major surprise” with the price tag between 11 and 13 times the company’s estimated 2024 earnings. For JPMorgan Chase analysts, it marked a “significant strategy shift”.

After the deal, the ports segment would only account for 1 per cent of CK Hutchison’s total earnings before interest, taxes, depreciation and amortisation, JPMorgan estimated.

Ports have “historically been an important part of their business”, said Dan Baker, a senior equity analyst at Morningstar who covers the company. “The port business is something that is generally pretty profitable, hard to enter; once you’ve got a port it’s hard to get competition in there,” he said. “This was one of their strongest businesses.”

The deal does not include CK Hutchison’s ports in Hong Kong and mainland China — the sale of which might have been politically fraught and would have required, at least, a time-consuming regulatory approval process.  BlackRock’s Panama deal tracks its strategic shift Premium content

“It is quite possible that they [BlackRock] wouldn’t have wanted those ports [in China],” Baker said. “If you are a western owner of a port in China, you’d probably think that may not be such a great strategic position for you. I am not even sure whether China would want that.”

Only five months after completing its purchase of GIP, the infrastructure investment has delivered on Fink’s big ambition to put BlackRock at the fore of private markets.

For CK Hutchison, cash from the deal could top up its war chest for new acquisitions — it has made a nonbinding offer for the UK utility company Thames Water — as well as be used to appease shareholders.

“Management’s probably a little bit frustrated with where the share price is,” Baker said. “This is one way of realising value.”

Additional reporting by Arash Massoudi in London