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Guyana warns of Venezuelan military escalation

  • Spanish Market: Crude oil
  • 29/01/21

Guyana is warning that Venezuela has expanded its military presence in oil-rich maritime territory off Essequibo province.

The Essequibo region that covers the western two-thirds of Guyana is the subject of a longstanding territorial despite. Under a license issued by Guyana, ExxonMobil is currently developing an oil block that partially overlaps the disputed waters.

Georgetown is investigating reports that Venezuela's navy has seized another fishing vessel after two others were taken in early January to the port of Guiria, Guyana's foreign minister Hugh Todd warned in a speech before the National Assembly yesterday.

Venezuela took custody of the fishing boat Miss Annie and the seven-member crew after they were discovered illegally fishing in Mariusa, Tucupita municipality in the river area of Delta Amacuro state, the country's armed forces said on 25 January, noting that the vessel was carrying 500 liters of diesel in addition to fish.

Guyana maintains the fishing vessels that were seized earlier were in its territory – a claim refuted by Caracas. Trinidad and Tobago has said it mediating the dispute.

Canada, the Organization of American States (OAS), regional trade group Caricom and Guyana's opposition have joined the US in rejecting Maduro's intention to seize the Essequibo province.

"Following the announcement by President Maduro, there was increased activity in Guyana's maritime space by Venezuelan navy vessels and other Venezuelan state assets," Todd said, without specifying what assets he was referring to.

Venezuela should "desist from actions that violate international law and threaten the peace and stability of the region," he said.

Guyana has deployed more troops along the disputed border, the government said on 14 January. This followed a government agreement with the US to beef up its military capacity and joint coast guard exercises.

The 120-year-old dispute flared last month after The Hague-based International Court of Justice (ICJ) agreed to arbitrate Guyana's request for validation of its border with Venezuela, after which Maduro vowed to "reconquer" the Essequibo province.

Caracas maintains that the ICJ has no jurisdiction over the matter.

Venezuela's actions "will seriously undermine the peace and security not only of Guyana and Venezuela, but the entire Caribbean region," Caricom said.

Caricom's statement "not only contributes to an ominously hostile climate, but also supports the interests of US transactional corporations that seek to take control of an un-demarcated territory based on an undesirable conflict in the region," Venezuela's foreign ministry said.

The dispute involves a part of the deepwater Stabroek block where ExxonMobil has made several discoveries since 2015, estimating recoverable resources of 9bn bl oil equivalent (boe), and from which it is producing 120,000 b/d of light crude.

The US major forecasts 750,000 b/d of oil production from the block in 2026.

In 2013, Venezuela's navy briefly seized a research vessel working in the Roraima block under contract from US independent Anadarko. And in December 2018, ExxonMobil suspended seismic surveys on a part of its acreage license after a research vessel it contracted was approached by a Venezuelan navy ship.


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New Libyan firm starts exporting crude


16/07/24
16/07/24

New Libyan firm starts exporting crude

London, 16 July (Argus) — A little known Libyan upstream company has begun exporting crude with its first shipment heading to China, according to sources, official documents and ship-tracking data seen by Argus . Arkenu Oil Company, which describes itself as a private oil and gas development and production firm, exported 1mn bl of Sarir/Mesla blend crude from Libya's Marsa El Hariga oil terminal on 10 July on Suezmax-class tanker Zeus . Shipping agent and port reports list Chinese trading firm Unipec as the vessel's charterer. The tanker's bill of lading lists Libyan state-owned NOC as the sender of the consignment on behalf of Arkenu. Libyan crude sales have historically been the reserve of NOC and a handful of international oil companies that hold equity stakes in production assets in the country, including Italy's Eni, TotalEnergies and Austria's OMV. Turkey-based commodities trader BGN, which does not have any upstream production in Libya, also regularly appears on loading programmes as a seller of the country's crude. A document dated 10 July showed NOC had allocated to Arkenu an unspecified share of production from its subsidiary Agoco's Sarir and Mesla fields, in return for carrying out upstream development work on the fields. The arrangement implies Agoco is paying for Arkenu's services in the form of crude. Arkenu's 1mn bl cargo is worth around $84mn at current market rates, Argus estimates. Arkenu, set up in early 2023 in the eastern city of Benghazi, says it owns modern drilling rigs and has a team of experts "who have held high positions in major oil production and development companies". It is unclear what work Arkenu has carried out for Agoco. Sarir and Mesla accounted for most of Agoco's 279,000 b/d of output in 2023. Libya is politically divided between an internationally recognised administration in the west, which has historically controlled oil revenues, and a rival administration in the east, which is home to around three-quarters of the country's oil production capacity. Agoco is based in the east, and NOC in the west. Libya produces just over 1.2mn b/d of crude. Its oil export revenues were $30.7bn in 2023, according to Opec. Arkenu, NOC and Unipec have been contacted for comment. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Trump taps Vance as running mate for 2024


15/07/24
15/07/24

Trump taps Vance as running mate for 2024

Washington, 15 July (Argus) — Former president Donald Trump has selected US senator JD Vance (R-Ohio) as his vice presidential pick for his 2024 campaign, elevating a former venture capitalist and close ally to become his running mate in the election. Vance, 39, is best known for his bestselling memoir Hillbilly Elegy that documented his upbringing in Middletown, Ohio, and his Appalachian roots. In the run-up to the presidential elections in 2016, Vance said he was "a never Trump guy" and called Trump "reprehensible." But he has since become one of Trump's top supporters and adopted many of his policies on the economy and immigration. Vance voted against providing more military aid to Ukraine and pushed Europe to spend more on defense. Trump said he chose his running mate after "lengthy deliberation and thought," citing Vance's service in the military, his law degree and his business career, which included launching venture capital firm Narya in 2020. Vance will do "everything he can to help me MAKE AMERICA GREAT AGAIN," Trump said today in a social media post. Like Trump, Vance has pushed to increase domestic oil and gas production and criticized government support for electric vehicles. President Joe Biden's energy policies have been "at war" with workers in states that are struggling because of the importance of low-cost energy to manufacturing, Vance said last month in an interview with Fox News. Trump made the announcement about Vance on the first day of the Republican National Convention in Milwaukee, Wisconsin, and just two days after surviving an assassination attempt during a campaign event in Pennsylvania. Earlier today, federal district court judge Aileen Cannon threw out a felony indictment that alleged Trump had mishandled classified government documents after leaving office. By Chris Knight Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Iraq's Opec+ compliance challenges are not going away


15/07/24
15/07/24

Iraq's Opec+ compliance challenges are not going away

Dubai, 15 July (Argus) — Iraq's crude production fell in June but not by enough to stave off heat from the Opec+ alliance. State-owned marketing firm Somo said output dropped by 26,000 b/d on the month to 3.83mn b/d, excluding that from the semi-autonomous Kurdistan region. Production levels in the northern region are unclear, but are probably enough to take the overall country output to above the 4mn b/d limit imposed by the Opec+ agreement. Iraq has failed to meet this target in any month this year, and as the Opec+ alliance's least compliant member it agreed in May to make additional cuts to compensate for prior overproduction. The Opec+ secondary sources, which include Argus , put Iraq's output at 4.19mn b/d in June. Iraq's oil ministry on 14 July reiterated its commitment to meeting the 4mn b/d limit and reaffirmed its willingness to compensate for the excess production since the beginning of the year. Baghdad's mission is made more difficult by a lack of visibility in Kurdistan, where 400,000 of crude exports were taken off international markets in March 2023. Argus estimates output from the region at between 250,000 b/d and 300,000 b/d, much of which ends up in Turkey or Iran, but the Kurdistan Regional Government (KRG) has stopped providing any oil-sector data. Baghdad says a drop in its crude exports is evidence of attempts to improve compliance — shipments from the southern Basrah oil terminal averaged 3.29mn b/d in June, down from 3.36mn b/d in May and 3.41mn b/d in April, according to Somo. Kpler data put Iraq's crude exports at 3.24mn b/d in June, the lowest since the beginning of the year. Somo said the amount of crude supplied to domestic refineries increased to 475,000 b/d in June from 441,000 b/d in May and 421,000 b/d in April. It said 10,000 b/d were exported to Jordan. By Bachar Halabi Send comments and request more information at feedback@argusmedia.com Copyright © 2024. Argus Media group . All rights reserved.

Trump survives apparent assassination attempt: Update


14/07/24
14/07/24

Trump survives apparent assassination attempt: Update

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