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Venezuela and Guyana: the oil and gas confrontation in Latin America

Panaiotov Georgy P. Junior expert

The journal Energy Policy published an article by Georgy Panaiotov, a junior expert at the Energy Department of the Institute for Energy and Finance, "Venezuela and Guyana: the oil and gas confrontation in Latin America."

In the article, Georgy Panaiotov notes:

"Despite the fact that Guyana's oil reserves (11.5 billion barrels) are 26 times less than Venezuela's reserves (303 billion barrels), it may happen that Guyana will overtake Venezuela in terms of oil production in a few years.

In this context, the actions of Caracas represent a classic military alert in order to achieve economic and political preferences, and the escalation of tension between Venezuela and Guyana can be seen as Venezuela's way to attract attention to itself and get a share of the Guyanese "oil pie".

At the same time, the question remains, will these actions of Venezuela lead to the opposite effect and even greater sanctions pressure on the country's oil and gas sector? In this case, the further development of events around this territorial conflict on the basis of the division of future oil and gas revenues may take on an unpredictable character, especially given the global restructuring of the political and energy world order that we have been witnessing recently." 

Panaiotov Georgy P. Junior expert
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