The thirst for oil is reviving a centuries-old conflict between Venezuela and Guyana. Thursday, December 14, following a summit between their heads of state in Saint Vincent and the Grenadines, the two countries certainly agreed not to use “force against each other”. But they are still fighting over a territory rich in resources, Essequibo, which is under Guyanese administration.
Despite the damage caused by fossil fuels on the climate, the oil industry continues to look for black gold. And to find some, in the case of the deep waters of Guyana, an English-speaking enclave in South America, a former British colony of some 800,000 inhabitants.
The discovery of the first oil block, that of Stabroek, dates back to 2015. The start of production, in 2019. Four years apart is not a lot. Usually, the lead time for deep water projects is rather at least “seven to eight years”according to analyst Amanda Bandeira, for the British firm Wood Mackenzie.
“Great commercial value”
“The short time in Guyana clearly demonstrates the extent to which ExxonMobil and its partners wanted to accelerate developmentunderlines Espen Erlingsen, analyst for the Norwegian firm Rystad Energy. Because these assets have great commercial value. »
ExxonMobil, number one in the United States in the field of hydrocarbons, coordinated the research. He now manages the exploitation of the deposit and holds 45% of it. At the time of the first discoveries, the firm was headed by a certain Rex Tillerson, who subsequently became Secretary of State to President Donald Trump. As announced in October, Chevron now also wants to benefit from the Stabroek block. This other major is preparing to buy the Hess company, a stakeholder in the deposit (30%). The other partner is a Chinese national company, China National Offshore Oil Corporation (25%).
The future giant acquisition of Hess by Chevron is estimated at 53 billion dollars (48.6 billion euros). An immense sum, which reflects the evolution ” spectacular ” of Guyana in the sector, “both for the number of discoveries and for the potential of the deposits”underlines Francis Perrin, research director at the Institute of International and Strategic Relations.
“The “bathtub” empties faster than it fills”
Oil production in the country averages around 389,000 barrels per day in 2023 (less than 1% of the global total). This is five times more than in 2020, according to figures from the International Energy Agency (IEA). An even more impressive volume when put into perspective with national demographics.
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