{"id":167772,"date":"2022-03-12T17:37:42","date_gmt":"2022-03-12T09:37:42","guid":{"rendered":"http:\/\/www.namnewsnetwork.org\/?p=167772"},"modified":"2022-03-12T17:37:42","modified_gmt":"2022-03-12T09:37:42","slug":"guyana-files-case-to-icj-about-oil-reserves-dispute-with-venezuela","status":"publish","type":"post","link":"http:\/\/namnewsnetwork.org\/?p=167772","title":{"rendered":"Guyana files case to ICJ about oil reserves dispute with Venezuela"},"content":{"rendered":"\n
\"Guyana\"\/<\/figure>\n\n\n\n

THE HAGUE, March 12 (NNN-AGENCIES) — Guyana, a small nation in South America, has submitted a case at the International Court of Justice (ICJ) in a bid to dismiss Venezuela\u2019s longstanding claim to Essequibo, which has recently been found to have huge deposits of oil.<\/p>\n\n\n\n

Guyana\u2019s foreign ministry in a statement said the Caribbean nation \u201cnow looks to the court\u2019s judicial process and its settlement of the matter.\u201d<\/p>\n\n\n\n

Meanwhile, Venezuela has yet to comment on Guyana\u2019s move to submit a case to ICJ. It maintains that the ICJ has \u201cno jurisdiction\u201d on the matter, and instead wants to engage its neighbor through bilateral talks, which was not welcomed by Guyana.<\/p>\n\n\n\n

It is not clear when the ICJ will rule on the case.<\/p>\n\n\n\n

The dispute intensified in December 2020 when the Hague-based court favored Guyana\u2019s request to validate its border with neighboring South American country Venezuela.<\/p>\n\n\n\n

A year before this, one of the largest publicly traded international energy companies, ExxonMobil, started its operations after obtaining license issued by Guyana. But it is on the deep-water Stabroek, one section that overlaps disputed waters. The tension only worsened since.<\/p>\n\n\n\n

In February, ExxonMobil announced<\/a> that it is starting production at Guyana\u2019s second offshore oil development on the Stabroek Block, \u201cbringing total production capacity to more than 340,000 barrels per day in only seven years since the country\u2019s first discovery<\/a>.\u201d<\/p>\n\n\n\n

In a roundtable discussion, Inter-American Development Bank\u2019s President Mauricio Claver-Carone shared<\/a> that Guyana \u201cshould not be punished for discovering its oil and gas resources later than the rest of the world.\u201d<\/p>\n\n\n\n

\u201cWe don\u2019t control history we don\u2019t control timing. Guyana and Suriname discovered [oil resources] in the 21st century. It is not our fault Guyana and Suriname discovered these resources in the 21st century versus the 20th century when it was ok and [other] countries benefitted,\u201d Claver-Carone said.<\/p>\n\n\n\n

According to the World Bank<\/a>, Guyana is one of the poorest countries in South America, with \u201c43.4% of the population is living on less than US$ 5.50 per person a day.\u201d<\/p>\n\n\n\n

\u201cTo manage the expected resource windfall, Guyana needs to improve the quality and capacity of public and private institutions; make revenue collection and management more efficient and transparent; and adopt sound macroeconomic and fiscal management policies,\u201d the institution said. — NNN-AGENCIES<\/p>\n","protected":false},"excerpt":{"rendered":"

THE HAGUE, March 12 (NNN-AGENCIES) — Guyana, a small nation in South America, has submitted a case at the International Court of Justice (ICJ) in a bid to dismiss Venezuela\u2019s longstanding claim to Essequibo, which has recently been found to have huge deposits of oil. Guyana\u2019s foreign ministry in a statement said the Caribbean nation […]<\/p>\n","protected":false},"author":11,"featured_media":167773,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[208],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/167772"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=167772"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/167772\/revisions"}],"predecessor-version":[{"id":167774,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/167772\/revisions\/167774"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/167773"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=167772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=167772"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=167772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}