On June 15, Guyana announced it had
issued an oil and gas license as well as an environmental permit to ExxonMobil.
Raphael Trotman, the resources minister, said oil extraction was expected to
begin in 2020, a key step for Guyana as it tries to revive its struggling
economy. However, a border dispute with Venezuela remains unresolved, and
Guyana’s decision to move ahead with oil production risks souring bilateral
relations. In an email interview, Robert Looney, a distinguished professor at
the Naval Postgraduate School in Monterey, California, and a specialist in
energy issues, explains the dispute and describes how oil fits in with Guyana’s
economic development plan. More…
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