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Guyana not interested in joining OPEC – VP
Jagdeo says
NASCENT oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries ( OPEC ), Guyana ’ s Vice-President Bharrat Jagdeo said on Monday, as the South American country looks to rapidly boost production and attract new operators.
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Guyana , which has become one of the fastest - growing crude - oil producers in the world since it began producing oil commercially in 2019 , has been invited to attend OPEC’s international seminar in July,
Jagdeo said, but there was no invitation to become a member of the cartel
“We were not formal- ly invited to join OPEC
That is not something we are interested in We have been invited , however , to participate in OPEC meetings ,” Jagdeo told Reuters
The Ministry of Natural Resources said the country was invited to attend the July meeting in Vienna and participate in a ministerial panel on diversifying energy economies
The Wall Street Journal reported on Monday that Saudi Arabia’s Energy Minister, Abdulaziz bin Salman, and Haitham al-Ghais, OPEC’s secretary-general, have invited Guyana to join the cartel.
Guyana is planning an oil auction within a couple of months in the hope that such can bring in other oil and gas companies
An ExxonMobil Corp-led (XOM N) consortium currently controls all offshore output in Guyana under a production and sharing agreement in which Exxon decides the pace of production and shares a piece of the output with the government
“We are committed to responsibly developing the resources offshore Guyana to maximise value for all stakeholders , including the government and people of Guyana,” said Exxon spokesperson Meghan Macdonald , in response to questions about the country and OPEC
The company and the country are in talks over which unexplored offshore areas will be returned to the government , people close to the discussions have told Reuters
The country is using its inland forests to tap carbon markets, in a business the government sees as more profitable than using the acreage for mining or agriculture, Jagdeo had previously said (Reuters)
