Venezuela, China reach agreements on electric energy & oil
The agreements include the development of 900 megawatts of oil coke-based and carbon-based electric power, and new oil prospecting areas
"An agreement for the development of 900 megawatts of oil coke-based and carbon-based electric power has been entered into. New areas set for exploration, namely Junín 10 Sur, and the development of current fields have been agreed upon," Venezuela's Oil Minister Rafael Ramírez said, AFP cited.
The name of the company participating in the exploration of Junín 10, located in the Orinoco Oil Belt (55,314 km2 / 220,000 million of heavy oil) remains unknown.
Translated by Jhean Cabrera
A simple reason: there is oil galore, would suffice to explain Guyana's actions. Another explanation lies in the little or none efforts made by the Venezuelan government to thwart the move by the Guyanese. This is certainly not a new problem, but a problem only recently highlighted because oil is involved. But what other resources does the disputed area hold? For most of us it is a section on the map with black and white stripes on it, a depiction of something distant, alien, a nothingness not worth paying much attention to in geography classes back in elementary school.