#Guyana: The Making of a Petro-State

Exxon, Hess, and China's Cnooc have discovered about 11 billion barrels of oil in the Stabroek Block, located roughly 120 miles off the coast of Guyana. Over $55 billion has been invested to extract almost half of these reserves, and with more discoveries, production is increasing. Prior to this, Guyana had no hydrocarbon industry.

Wood Mackenzie consultants are projecting Exxon and its partners will generate $135 billion in profits from 2024 to 2040, while Guyana will receive $150 billion during the same period. This influx of money is causing inflation in the country.

And all this oil has gotten Venezuela's Maduro all riled up.

USA’s OFAC Rescinds #Oil #Sanctions Relief for #Venezuela (GL 44A)



GL 44A does not impact other GLs besides GL 44 related to oil and gas operations in Venezuela, most notably GL 41 authorizing certain transactions related to Chevron's joint ventures (JVs) in Venezuela and GL 8M —authorizing transactions involving specified companies operating in Venezuela for the limited maintenance or wind down of such companies' operations.

Further, GLs 3I and 9H, authorizing certain secondary trading of previously issued Government of Venezuela and PDVSA securities, has not at this time been revoked.

https://www.millerchevalier.com/publication/trade-compliance-flash-ofac-rescinds-venezuela-license-providing-oil-sanctions-relief

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