OTC 2022
Event demonstrated recovery from pandemic, showcased the “Energy Evolution”
World Oil 5/9/2022
HOUSTON (WO) – Offshore energy professionals from around the world convened at the 2022 Offshore Technology Conference (OTC) at NRG Park to discuss the latest advancements in the offshore oil and gas industry, while touting the role that the offshore energy industry plays within the energy transition. Experts representing diverse offshore technologies provided key insights on how their projects and industries are developing the latest innovations to continue securing affordable energy while advancing climate goals.
Facilitating discussion. “OTC is widely recognized as a central hub for energy professionals and industry thought leaders to collaborate and develop solutions to address global energy challenges, particularly ways in which we can meet energy needs in a cleaner and more affordable manner,” said Paul Jones, Chair of the OTC Board. “As the energy industry works to deliver sustainable solutions and reduce carbon emissions, OTC continues to play a key role by facilitating knowledge-sharing, learnings and discussions around the technologies and experts that can deliver these low-carbon solutions now.”
To further collaboration across the industry, OTC launched a new Energy Transition Pavilion, designed to highlight technological advancements for new and existing energy sources, as well as showcase solutions being developed to decarbonize, drive sustainability, and improve energy efficiency. The Energy Transition Pavilion attracted experts from multiple disciplines and backgrounds to discuss the latest innovations driving global energy transitions forward.
Attendance improves. OTC 2022 welcomed over 24,000 attendees, a number that event officials said has more than doubled since last year’s off-schedule conference in August 2021. Nearly 7,000 traveled from outside the United States. Also known for its stout technical program, OTC held 44 technical sessions, presenting over 300 technical papers. The program included 17 executive dialogues and keynote speakers, 11 panels, and five networking events while also showcasing seven countries throughout the “Around the World” series.
“This year has been unparalleled in terms of exhibitors and attendees presenting their latest developments from all over the world,” Jones added. “We are thrilled to see such a strong comeback after our hybrid program last year, due to Covid-19. We featured more than 20 sessions dedicated to energy transition issues, reinforcing our support to advancing a low-carbon future for everyone.”
Exhibition space rebounds. Likewise, OTC’s exhibition area increased significantly. This year’s conference spanned 258,645 square feet, with major equipment installations, demonstrations, and interactive displays actively engaging delegates from over 93 countries. Throughout the week, 1,064 exhibiting companies from 39 countries showcased the future of offshore activities.
Total estimated economic impact of OTC 2022 exceeded $20 million. This includes business-to-business transactions and direct economic impact of attendees.
Support for Ukraine. While discussions around providing cleaner and more affordable energy sources play a critical role in the development and advancement of countries around the world, OTC has pledged $25,000 to the International Federation of Red Cross for Ukrainian relief.
“OTC stands in solidarity with the people in Ukraine,” Jones said. “Thanks to the sponsors of the Distinguished Achievement Awards Event, the OTC Board of Directors was able to make a donation to the relief efforts of Ukraine through the International Federation of Red Cross.”
Founded in 1969, OTC’s flagship conference is held annually in Houston. OTC has expanded technically and globally with the Arctic Technology Conference, OTC Brasil, and OTC Asia. OTC 2023 will take place May 1-4 at NRG Center, Houston, Texas, USA. Resources Critical for Future Energy Mix, Exxon Mobil Exec Says
OTC 2022: Reaching net zero will require more investment in oil, gas and renewables
Maddy McCarty World Oil 5/3/2022
The pandemic had a unique impact on the energy industry and will pave the path of the energy transition on its way to net zero emissions, Society of Petroleum Engineers President Kamel Ben-Naceur said during a keynote presentation at the Offshore Technology Conference on Monday.
The pandemic’s impacts. The Covid-19 pandemic brought the biggest one-year drop in oil demand at 10.4%, Ben-Naceur said, while natural gas demand dropped by about 2%, and coal and nuclear demand dropped by about 4%. Demand for hydroelectric and renewable energy increased, though by smaller margins.
Upstream investment had seen steep declines in previous years, Ben-Naceur noted, citing the 26% drop in 2015-2016. However, investment went back up through 2019 before experiencing a 30% drop in 2020.
“If we look at the relative decrease in investment in the upstream sector overall, in less than five years, we have reduced the upstream investment by 50%,” he said. “Which is almost unheard of. You have to go back to the mid-80s to see that kind of a trend.”
Emerging from the pandemic. Oil demand is back to pre-pandemic levels this year, Ben-Naceur said, adding he expects that trend of increasing demand to continue in 2023.
The “most spectacular” increase is in the price of natural gas, he said. Between April 2020 and the end of 2021, natural gas went from about $3 or $4 per MMbtu to about $40 per MMbtu, a ten-fold increase. “We have never seen that kind of increase in gas prices within a period of one year,” he said.
Composite price index inflation is also a concern, as these levels of inflation haven’t been seen since 1995, Ben-Naceur noted.
The U.S. rig count hovered below 2,000 from 2010 to 2014 before experiencing a big drop in 2016, but is now steadily climbing back up and sitting just under 700. Ben-Nacuer said the correlation between oil price and oil and gas rig count has been steady, but 2021 is the exception.
“We are way below traditional lines in the rig count, so the activity has not recovered,” he said. “The shale producers in 2021 changed their strategies. They have focused on shareholder returns.” This is quite a significant change in 2021, he said. The uncertainty of oil prices has led to caution around expanding investment, Ben-Nacuer noted, and there is a new balance that’s emerged between investment levels and shareholder returns. However, there has been a significant increase in upstream investment in 2022, he said.
The energy transition reality and future perspectives. The energy transition is looking more like a reality, as electric car sales jumped from 1 million to 2 million before 2018 to almost 7 million, or 9% of new cars sold, in 2021. Renewable power capacity continues to be added, and the industry is always learning about incentives of decarbonization, Ben-Nacuer said. He said recently, one ton of CO2 was valued at 100 Euros for the first time.
There are a few different energy transition scenarios predicted by the International Energy Agency, and each one would bring different costs and results. For the first time, today’s pledges – if implemented on time and in full – would keep the rise in global average temperatures in 2100 to below 2 degrees Celsius, according to the presentation, but there’s still a large gap to 1.5 degrees Celsius.
Decarbonization will require many combined factors to be successful, including avoided demand, CO2 capture and storage, hydrogen, bioenergy, technology performance, electrification, other renewables and other fuel shifts. But no matter the combination or policies, reaching the net zero emissions goal still requires more oil and gas investment, Ben-Nacuer said.
“We still need to invest more than what we invest today. Investment in the oil and gas industry will be crucial. And we are not investing enough in clean energy,” he said. “That’s the big problem that the world faces.”
Some of that investment will be in carbon capture and storage, which is predicted to expand significantly by 2030. Rystad Energy found projects are on track to abate more than 500 million tons of CO2 emissions by 2030. That number is lower than 100 million tons today. The Society of Petroleum Engineers is working with other organizations to create a Storage Resource Management System for CO2 based on the Petroleum Resource Management System, Ben-Nacuer said. This will help facilitate the adoption of standards and accelerate the uptake of CCUS, he said.
“The world continues its need to access energy securely, in an affordable way, and in a clean way,” Ben-Nacuer said. “Reduction of greenhouse gas emissions and flaring is critical. Accelerating the energy transition will still require a large share of oil and gas.”
Deepwater resources critical for future energy mix
5/4/2022 Hart Energy
HOUSTON—With overall energy demand expected to continue climbing, deepwater oil and gas will play an ongoing role in the energy mix going forward, according to an industry expert.
Jeff Weidner, vice president of the deepwater portfolio at ExxonMobil Research Co., said new metrics must feature in field development decisions. And when an operator finds “advantaged resources” such as ExxonMobil’s string of deepwater discoveries in Guyana, the key is to bring those reserves onstream as quickly as possible.
That does, however, place a strain on various teams involved in the project as well as the ability to deploy certain technologies. And when it comes to using new technology, its value must meet or exceed the costs, he said during “The Critical Role of Deep Water in the Present and Future Energy Mix” executive dialogue at the Offshore Technology Conference (OTC) on May 4.
Because energy is linked to human development, economic progress and the overall quality of life, “it’s hard to imagine energy demand doing anything but increasing,” Weidner said.
And the expectation is that there will be a “strong need” for oil and gas in the future energy mix. But what the industry currently has on tap won’t be enough to meet projected demand, he said.
“Trillions of dollars are needed over the next 20 years just to meet even those conservative estimates of oil and gas demand,” he said.
When operators make investment decisions, they can no longer consider only factors like potential profitability, materiality and rate of return, he said. They must also consider the carbon intensity of the project over its entire life cycle, he said.
And large deepwater discoveries can check off all those boxes.
“A lot of the industry is focus on the deepwater because it’s recognized that that is where you can make a significant impact and meet those metrics,” Weidner said. “You can get that sweet spot with deepwater. It can provide significant production, and you can usually get it online faster than if you’re trying to build an LNG plant.”
With these things in mind, he said, ExxonMobil is focusing its exploration efforts on deepwater. And that focus has paid off in Guyana, where the supermajor has reported 18 deepwater discoveries since 2015, including three in late April. They achieved first oil on one in 2019 and the second earlier this year.
“This is an advantaged resource,” he said. “We can only cross our fingers and hope for another Guyana.”
One of the things ExxonMobil has also discovered is that it’s vital to bring deepwater discoveries onstream as quickly as possible. For comparison, he cited discoveries made in the 1990s offshore Angola that weren’t brought online until the mid-2000s.
“That’s a bar that the industry is looking at, how do we shorten that timeline?” he asked. “They’re all looking at how can we shorten that timeline from seven years to five years to four years to the unthinkable three years.”
Fast-tracking the Guyana projects has “stressed out our subsurface organization,” he added.
The team only had a certain amount of information on which to design the field development, he said.
“We like to work to a certain level of detail, but what is the level of detail we do need?” Weidner asked.
Enter the need for flexibility in infrastructure that reflects a 20-year or longer investment, he said.
He estimated that countless projects have led to people thinking, “I wish I had a little more capacity or several more well slots, or if I’d only put it here instead of there.”
Building in flexibility can help meet unexpected needs and help that infrastructure remain productive over the entire design life, he said.
Sometimes there is a tradeoff when considering whether to use certain technologies, he said.
For instance, there is a huge desire for data.
“From a reservoir standpoint, the more data I have, the better. Even if I don’t need it, I want it because it’s going to be helpful,” Weidner said.
But in some cases, data can be a hindrance, he said. He cited smart completions that give control over the well as one example.
“Why wouldn’t I want that on every single well?” he asked.
The answer is that the control comes at a cost, he said.
“There’s a little bit of a bottleneck here and there, and if I put them on all the wells, I won’t have the same high flow rate,” he said. “So you have to step back and look at things and point out the limitations of certain designs.”
That means asking if there’s a better way to achieve the desired outcome and then working with the vendors to make it happen, he said.
IMF Colombia:
Request for an Arrangement under the Flexible Credit Line and Cancellation of the Current Arrangement
Press Release; Staff Report;
and Statement by the Executive Director for Colombia
Publication Date:
May 2, 2022
Electronic Access:Free Download. Use the free Adobe Acrobat Reader to view this PDF file
Summary:Colombia’s very strong policy frameworks and comprehensive policy response to the pandemic have supported the economy’s resilience.
- With stronger-than-expected growth last year,
- fiscal deficits and public debt are declining faster than anticipated, and
- the fiscal framework has been reactivated with a new fiscal rule and debt anchor.
Further monetary policy tightening should drive inflation towards the central bank’s inflation target by mid-2024. Successful credit support measures in the financial sector are being phased out and, as discussed in the recent FSAP, financial sector supervision and regulation have been enhanced since the previous staff assessment. Overall, the authorities remain committed to maintaining their very strong policy framework as seen by steps taken to normalize policies from a crisis footing in the pandemic. Political assurances on policy continuity from the leading candidates provide a necessary safeguard for the proposed arrangement.Series:Country
Report No. 2022/129 International organization Monetary policy
ISBN/ISSN:9798400207754/1934-7685Stock No:1COLEA2022004Pages:66
U.S. shale cash bonanza to wipe out $300 billion loss
Kevin Crowley 5/5/2022
(Bloomberg) — It may have taken an investor rebellion, a pandemic and a war in Europe, but U.S. shale oil and gas producers are now on the cusp of making back their losses from the last decade.
The industry is on course to make $172 billion of free cash flow this year, enough to wipe out 60% of its losses from 2010 through 2019, according to Deloitte LLP. With smaller gains already chipping away at the $292 billion deficit in 2020 and 2021, U.S. shale should be back in the black next year.
It’s been a long road. When small domestic oil and gas producers pioneered the combination of horizontal drilling and hydraulic fracturing in the 2000s, it seemed like a wealth of riches was imminent. But they were almost too successful, pumping so much that natural gas prices spiraled into a long-term decline through the 2010s. A surge in oil output followed, and OPEC allowed crude prices to collapse in 2014 in an attempt to win back market share from the U.S., which later overtook Saudi Arabia as the world’s biggest producer.
Investors also got burned. Shale companies borrowed heavily to fund production growth, resulting in massively negative cash flow. Energy went from more than 16% of the S&P 500 Index in 2008 to 2% in 2020.
All those trends have now reversed. Shareholders pushed shale to become more financially disciplined, while the pandemic forced executives to cut back on production and spending. Now, with the war in Ukraine causing oil prices to soar above $100 a barrel, the turnaround is almost complete.
The industry is now leveraging the “short-cycled nature of shales to quickly monetize an opportunity, without giving away discipline,” said Amy Chronis, managing partner of Deloitte’s Houston office. “The recent oil and natural gas price surge has given the shale industry a shot in the arm.”
Investors are taking notice. Nine of the 10 top-performing stocks in the S&P 500 this year are oil companies. Energy is now 4.4% of the S&P 500 Index, up from 2.7% at the beginning of the year.
CAF loan funds four major highway projects
May 19 2022
In June 2021, CAF–Development Bank of Latin America–granted a loan of US$175 million ($1.19 billion) to T&T, with the objective of modernising the transportation infrastructure in the country.
In a release announcing the loan, CAF stated,
“The loan will be used for institutional strengthening, particularly updating plans, strategies and modernising the regulatory framework of process management, such as updating laws related to land transport, developing a policy for the maritime sector, plan strategies for public transport and the air sector, quality systems, etc. Additionally, the credit will tackle activities to improve the quality of infrastructure, with initiatives such as feasibility studies, modernisation of roads, ports and airports, road maintenance, among others.”
CAF added the loan will support management, planning, and investment aimed at promoting the modernisation of infrastructure and quality transportation services that will contribute to economic diversification and productivity gains.
Works and Transport Minister Rohan Sinanan said the details of the loan and what had been dispersed for the works could only be answered by the Ministry of Finance.
However, CAF confirmed, “To date, US$140 million ($952 million from the Sector Wide Approach Programme for a Modernised Transportation Infrastructure (approved in July 2021) have been disbursed.”
CAF stated the loan was not merely linked to specific projects as it stated, “This type of loan is not linked to specific projects, but seeks to sustain and foster institutional strengthening efforts in the sector, including updating plans, strategies and regulatory frameworks related to air, sea, land and urban transport. In this way, it contributes to improve the quality of infrastructure, with initiatives such as feasibility studies, modernisation of roads, ports and airports, road maintenance, among others.”
However in October’s budget, Finance Minister Colm Imbert revealed that the loan had been figured into the Government plans for 2022, specifically through ongoing and upcoming highway improvement projects.
“The Development Bank of Latin America (CAF) is providing a sector-wide approach programme loan of US$175 million for a modernised transportation infrastructure that is consistent with the objectives of the pipeline projects which the bank is already financing.” Those projects were the Solomon Hochoy Highway Extension to Point Fortin, the Churchill Roosevelt to Sangre Grande, the Diego Martin Overpass and the Valencia to Toco road.
The long-awaited Point Fortin Highway has been under construction for over a decade, but Minister Imbert said the CAF loan would be used to fund a significant chunk of the project.
“The completed highway will make a crucial contribution to the development and growth of the communities connected by the highway, including Debe, Mon Desir, Fyzabad, La Brea and Point Fortin. In 2022, the priority link is scheduled to be completed: Dumfries to Dunlop and Fyzabad to Mon Desir.”
Nidco said that work is ongoing on a priority link of the Solomon Hochoy Highway Extension to Point Fortin. This involves the construction of 29.5 km of 4-lane highway from Dumfries Road (La Romain) to Dunlop Roundabout (Point Fortin). 5 of 12 packages in this phase are completed including the upgrade and widening of six km of the South Trunk road and the construction of six bridges.
On the remaining 7 packages, work is underway concerning the construction of “five interchanges located at Oropouche Junction, Mon Desir, Grants Road, La Brea and Guapo, two overpass bridges located at Delhi Road and Southern Main Road (Vance River) and 23.5 km of 4 lanes rural arterial highway.”
Nidco estimated the project to be approximately 85 per cent completed with the Dumfries Road (La Romain) to Dunlop Roundabout segment expected to be opened to traffic by the last quarter of 2022.
Minister Imbert advised the loan would be used for the Valencia to Toco Road, which will increase opportunities for business and economic investments for the eastern region, in particular the communities between Matelot and Sangre Grande. Construction is expected to commence in 2022.
Work on that project has progressed well, as the scope of works explained by PURE programme director Hayden Phillip stated, “This extensive project is currently 69 per cent completed.”
Nidco confirmed “The CEC for the project was granted in April 2021. The project has been divided into ten segments for ease of construction. Detailed designs have been completed for seven out of the ten segments. All designs should be completed by August 2022.”
Extension of the Churchill Roosevelt Highway to Sangre Grande was among projects funded by the loan.
Nidco stated , “the construction of the 5km highway segment east of the Cumuto Main Road is approximately 80 per cent completed, with works on both packages expected to be completed in August 2022. In December 2021, a Certificate of Environmental Clearance was granted for the construction of the other segments of the highway from Wallerfield to Sangre Grande…. it is “now moving ahead to establish connectivity between Cumuto and Sangre Grande. The construction of a 2km Connector Road from the end of the current construction works to the Eastern Main Road is expected to commence in August 2022.”
Construction of a vehicular and pedestrian bridge in Diego Martin began in March 2021. The Finance Minister expected the project to be completed in 2022. Nidco confirmed work completed included the bridge and the abutment walls and centre pier; retaining walls –on the eastern side of the overpass.
Nidco revealed significant drainage work was done on the Diego Martin Highway, Cocorite Farms and the Western Main Road with “Key improvements to the drainage system completed to date include the construction of a new box culvert under the Diego Martin Highway in the vicinity of Powder Magazine and a double-pipe culvert under the Western Main Road just east of Massy Stores, Westmoorings, which is expected to relieve flooding in the area.”
Nidco stated crucial road works have begun north of the Columbus Boulevard and Western Main Road intersection, the connecting the Intersection to the overpass, with the necessary utility relocations are in progress to facilitate the construction in the area.
In the Budget Minister Imbert listed the Macoya Interchange project, which is part of the process of eliminating traffic lights in the East-West Corridor along the Churchill Roosevelt Highway, as one of the projects to be funded by the loan. Construction is expected to commence in 2022.
In the Ministry of Works and Transport’s year in review, Minister Sinanan claimed that his Ministry was able to do more with less, given the country’s economic decline following the pandemic.
“Despite our economic climate, for the first time in the history of T&T, we have four major infrastructure highway projects ongoing simultaneously.”
While the focus has been on major highway projects, motorists around the country complained about the state of commonly used roads around the country, a fact Minister Sinanan mentioned in his 2021 review.
“I have noted with great concern the displeasure of the general public as it relates to the current condition of some of our roads. We have not stuck our heads in the sand at the ministry nor have we passed the buck, better needs to be done. But given the current economic standings, we will continue to address these challenges head-on in a strategic manner that will allow for the best use of taxpayers’ dollars.”
ECLAC report
April 30th 2022
The economies of Latin America and the Caribbean face a complex situation in 2022 because of the Russia/Ukraine war with its shadow of uncertainty for the world economy. This is negatively affecting global growth, and at regional level, lower expected growth will be accompanied by higher inflation and slower employment recovery.
According to new estimates released by the Economic Commission for Latin America and the Caribbean (ECLAC), average growth of 1.8% is anticipated for the region in this context of higher global volatility. South American economies will grow 1.5%, Central America and Mexico 2.3%, while 4.7% growth is expected for the Caribbean economies (excluding Guyana).
The new figures were announced by the organization’s acting Executive Secretary, Mario Cimoli, to the ambassadors for the Group of Countries of Latin America and the Caribbean (GRULAC) during a meeting at United Nations headquarters in New York.
Conflict in Ukraine will also impact negatively world trade dynamics, causing a decrease in foreign demand for Latin America and the Caribbean produce. The region’s main trade partners – United States, China and the European Union– will see lower growth rates than those expected before the conflict began. In the case of the US, growth will be 2.8% (1.2 percentage points lower than previous projections). Projected growth for China is at 5% (0.7 percentage points less than before the hostilities), and for the EU, growth of 2.8% is expected (1.4 percentage points lower than pre-conflict projections).
The war has caused an increase in commodity prices, mainly in fossil fuels, some metals, food and fertilizers. This price increase is in addition to higher costs because of disruptions to the supply chains and interruptions in maritime transport. Price hikes have given impetus to world inflation rates, in some countries reaching historic highs in 2022, and in this scenario, higher interest rates in developed countries can be expected.
The United Nations regional commission adds that monetary adjustments in the countries of the North have accentuated the tightening of global financial conditions witnessed in recent months, causing greater volatility in financial markets. Alongside the increase in global aversion to risk resulting from the conflict in Ukraine, this has jeopardized capital flows to emerging markets. These trends may be accentuated in the coming months, especially if inflationary pressure persists in developed economies and the central banks in these economies deepen contractive monetary policies, including rate hikes and the reversal of monetary stimuli (asset purchases).
As in the rest of the world, inflationary dynamics have accelerated in Latin America and the Caribbean, warns ECLAC. As of March 2022, regional inflation is estimated at 7.5%, and many central banks in the region anticipate sustained high inflation for the rest of the year, especially with increased international energy and food prices, plus disruptions in global supply chains and persistent high transportation costs.
In response to higher inflation, monetary policy in central banks in the region has become more restrictive and the majority have significantly raised interest rates, which in most cases have reached levels similar to those back in 2017. Retreating fiscal momentum is expected to accelerate in 2022, in step with the evolution of macroeconomic conditions and increased financial costs. Public expenditure will contract, reinforcing the reduction observed in 2021 and reducing potential fiscal policy contributions to growth. Likewise despite labor markets showing signs of recovery, this has been slow and incomplete. The pace of job creation in 2022 is expected to decline, driving unemployment rates higher this year, warns ECLAC –
Brazilian position on territorial sovereignty is key for Guyana
Denis Chabrol 10 May 2022
Reaffirmation by Presidents Jair Bolsonaro and Irfaan Ali of their commitment to settling border controversies peacefully is a strong signal to Venezuela that it must respect any ruling by the World Court, International Relations Professor Mark Kirton said.
At the end of Mr Bolsonaro’s one-day visit to Guyana on May 6, 2022, he and Dr. Ali stated that, “the two Presidents agreed on the importance of the observance of the principles of peaceful settlement and of territorial integrity, in the framework of international law, in the resolution of any disputes in the region.”
Kirton said Brazil’s position that its border with Guyana is inviolable is nothing new, but it was important to ensure that that Brazil remains as “the counterweight to any potential Venezuelan aggression.”
“Additionally, Brazil , as part of Guyana’s strategic engagement, must be influenced to lead the region to ensure Venezuelan compliance with the ruling of the International Court of Justice, when it takes place . In that context ,Guyana has to ensure that the court of regional and international public opinion is on our side and Brazil can be a leading actor in this situation,” he told Demerara Waves Online News/ News-Talk Radio Guyana 103.1 FM.
Kirton, however, cautioned that with Brazilians scheduled to vote in elections on October 2, 2022, Guyana has to be wary that former Brazilian leader Luis Inacio Lula Da’ Silva is leading in opinion polls. He said the implication here is that a segment of the Brazilian population seeing Bolsonaro as a ‘close friend’ might not be well received by a segment of the Brazilian political landscape and “could cause a reduction in the robust support provided by Brazil on the border issue. ” If there is a change of government , as the resurgence of the ‘ pink tide ‘ in Latin America suggests, and (Venezuela’s President Nicolas) Maduro becomes a Brazilian ally , then there can be less pressure placed on Venezuela for compliance with international law.
The Brazilian President’s visit was regarded in some quarters as badly timed because of his positions on the environment, climate change, protection of the Amazon and the pandemic thar are in direct contrast to most regional views. “While as the saying goes countries can choose their friends but not their neighbors, and Guyana has to continue to collaborate meaningfully with Brazil , there must be strategic geopolitical thinking by Guyana in order to ensure that the country benefits from the engagement,” he said.
Guyana has asked the International Court of Justice (ICJ) to find that the 1899 Arbitral Tribunal Award of the land boundary with Venezuela is a full and final settlement.
Venezuela maintains that the Essequibo Region, including the oil-rich Atlantic Sea offshore that area, is hers. That Spanish-speaking Western neighbour has over the years displayed military aggression to seismic vessels that have been collecting data from offshore concessions that have been awarded by Guyana. Since the discovery of oil in the Stabroek Block, Venezuela has seized Guyanese fishing vessels and has unilaterally extended its maritime boundary to include the sea offshore Essequibo as well as Demerara, Berbice and a number of Caribbean islands.