Guyana shifts energy policy to president

OREANDA-NEWS. Guyana's new government has dissolved the natural resources ministry and shifted the increasingly significant energy portfolio to the ministry of the presidency.

Guyanas changes to the energy portfolio coincides with growing indications of oil deposits in an offshore area over which neighboring Venezuela has long claimed sovereignty. ExxonMobil yesterday said it is analyzing a "significant" oil discovery on the Stabroek block offshore, where it is working in cooperation with Guyana.

The energy portfolio shift was announced yesterday by new President David Granger upon appointing his new cabinet. Granger heads the ministry of the presidency. Retired army colonel Joseph Harmon has been appointed minister of state in the ministry of the presidency, Granger said, and will have some responsability for energy matters.

Neither the ministry of the presidency nor Harmon has replied to a request from Argus for a comment on ExxonMobil's discovery.

Caracas has objected to ExxonMobil's drilling on the Stabroek block under a production sharing contract from Guyana.

Guyana's new government said it will take "a harder line" than the previous administration in dealing with Venezuela over exploration in disputed waters, officials said earlier this week.

Guyana produces no hydrocarbons, and imports 10,000 b/d from Venezuela and Trinidad and Tobago.