Guyana Waiting for ICJ Decision, but also investing in security

DEAREDITOR, present its Counter- newwellsweredrilled,10of 220,000 barrels per day, and Waiting,but Memorial. The expectation them being in the now another project, named In a two-part series in was that, all things famous Stabroek Block, Yellowtail, is expected to ‘Oil Now’ last fall I considered, a ruling on the which extends over 6 6 come on stream in 2025 and described the Guyana- substantive case would be million acres (26,800 square produce about 250,000 Venezuela territorial drama madebyMarch2024. kilometers) of maritime barrelsofcrudeperday This as a waiting game, in that it However, the waiting space. The new discoveries should be followed by the evokes memories of the g a m e a s s u m e d n e w brought the total discoveries Uaru project, which is award-winning play dimensions last June when to 40, with 35 in Stabroek anticipated to produce ‘Waiting for Godot’ by the Venezuela filed preliminary alone. Moreover, in another 250,000 barrels per famous Irish playwright, o b j e c t i o n s t o t h e December 2022, the day following start-up in Samuel Beckett. The admissibility of Guyana’s authorities launched a new 2027.Asaresult,thecountry waiting game began in 1962, petition.Under ICJ rules, the LicensingRound,whichwill is set to produce about one when Venezuela first proceedings on the merits run through this coming million barrels per day formally challenged the hadtobesuspended.Guyana April. before the sun sets on the validity of the Paris Arbitral was then given until October Production continued currentdecade. Award that had settled the 7, 2022, to file a response to apace, allowing for 102 lifts Although Venezuela’s dispute between the the objections and the Court of crude oil, with revenues energy profile dwarfs that of Bolivarian Republic and held hearings on the augmenting the sovereign Guyana, South America’s GreatBritainoverthecolony preliminary objections from wealth fund, called the sole English-speaking then called British Guiana in November 17 through National Resource Fund republic now boasts having 1899. The drama assumed November 22, last The Last year the Fund received proven more than 11 billion new dimensions when, with Court likely will render its just over US$1,099million. barrels equivalent of green-lightening by the judgment on Venezuela’s After the transfer of recoverableoilandgas.Inall United Nations Secretary objections by the end of this U S $ 6 0 7 6 t o t h e likelihood, this figure will General, Guyana took the coming April So, the government’s budget to fund increase as exploration matter to the International waitinggamecontinues. various initiatives, the Fund continues to reveal the Court of Justice (ICJ) in Waiting is not a strategy, had a 2022 end-of-year existenceofmoreblackgold. 2018 after other resolution though As such, the balance of US$1,271 8 Consequently, Guyana is efforts pursued over several government has been million The new year well positioned to reap decadeshadfailed. aggressively pursuing its brought new bounty to the enormous wealth, which

In keeping with its rules, national development goals, Land of Many Waters, with wouldenablethenationtobe the Court needed to consider including extracting more of an additional discovery on propelledintoadevelopment whether it had jurisdiction to its newly found natural January 23 in the Fangtooth s t r a t o s p h e r e n o t hear the case.After deciding resource and investing some SE-1 well, also in the contemplated a few years inDecember2020thatitdid, of the revenue derived from StabroekBlock. ago. Indeed, last year the indeed, have the relevant it As Finance Minister, Towards 1 million non-oilrealGDPgrowthwas jurisdiction,inMarch2021it Ashni Singh reported in his barrelsperday pegged at 11.5 percent and gave Guyana until March 8, January 16, 2023, Budget Also noteworthy is that the overall economy was 2022,tosubmititsMemorial Speech in the National the Payara project is estimated to grow by some (case brief) and Venezuela Assembly, 2022 was an expectedtobeginproduction 62percent,makingGuyana’s until March 8, 2023, to exploration banner year: 11 later this year, yielding some (Continued on page 5)