The Venezuelan administration of President Nicolás Maduro was dealt another international setback Thursday when the International Court of Justice (ICJ) on Thursday turned down new objections filed by Caracas regarding the territorial dispute with Guyana over the oil-rich Essequibo.
The Cooperative Republic of Guyana opened a bidding round for 14 oil and gas blocks in its oil-rich offshore, hoping to award exploration contracts by the end of May. Guyana has become home to one of the largest oil discoveries in the last decade, with about 11 billion barrels of oil and gas found by a consortium led by Exxon Mobil.
Brazil is betting strongly to become the main player in the development of oil and gas production in its northeast corner, where the state of Amapá shares proximity with French Guiana, Suriname, and Guyana, these two of which are set to become significant players in the hydrocarbons business.
Guyana's elections commission on Sunday declared opposition presidential candidate Irfaan Ali the winner of a disputed Mar 2 election, paving the way for a change in power in the newly oil-producing South American country.
Guyana goes to the polls this Monday in a pivotal election in one of South America's poorest nations, where a coming oil boom is set to reshape an ethnically-divided political landscape.