GUYANA awarded drilling bids to eight companies on Thursday, to explore oil in its waters.
The discovery, estimated at “20 meters of hydrocarbon-bearing reservoir” and “81 meters of additional hydrocarbon-bearing sandstone,” was made by U.S.-based oil giant ExxonMobil.
Guyana has also awarded drilling concessions to multiple companies, including ExxonMobil, French multinational Total Energies, and local company SISPRO Inc.
Vice President Bharrat Jagdeo mentioned that negotiations for these contracts are now underway.
Despite its smaller size compared to neighboring countries, Guyana boasts the world’s highest reserves of crude oil per capita, with at least 10 billion barrels in reserves.
However, this latest development is taking place in the 160,000-square-kilometer Essequibo region, which is at the center of a long-standing border dispute between Guyana and Venezuela.
The dispute is currently before the International Court of Justice in The Hague.
On the other hand, Venezuela recently announced plans to hold a national referendum on December 3, allowing its citizens to vote on whether or not to annex the disputed area.
This move has been met with opposition from Guyana, the Caribbean Community, and the Organization of American States.
Caricom has declared that the planned referendum holds no international legal validity, expressing concerns that it may lead to the use of force or military measures.
Meanwhile, Guyana has raised alarms about the presence of 200 Venezuelan soldiers in the border region, which Caracas claims is aimed at combating illegal mining.
