In recent days, the giant Qatar Petroleum has reached an agreement with Total for sharing exploration and production rights for two offshore blocks in Guyana, in Latin America. The agreement between the two parties, subject to the approval of the local government, will allow the large Qatari oil company to own 40% of Total’s stake in the Orinduik block. Also important is that of Kanuku which is located 100 kilometers off Guyana and includes an area of approximately 5200 km², for which Qatar has shown its interest.
Regarding the agreement that will allow Qatar Petroleum to further integrate into the Latin American country, the Qatari minister for energy affairs, as well as the company’s managing director, Saad bin Sherida al-Kaabi, underlined the importance of this action in the country counting on partnership with Total and thanked the Government of Guyana. Exxon Mobil had already announced four years ago the discovery of one of the largest offshore oil fields in the country, with a value of more than five billion barrels a day, namely the Starbroek Block. In Guyana there are US, Chinese and Russian mining activities. The powers in question also target the bauxite mines, a mineral of which the country is rich. Thus the national economy can count on huge flows of wealth coming from the extraction of crude oil but the political conditions, certainly not optimal, could end up limiting their diversification.
With the presence in Guyana of one of its oil majors, Qatar is expanding its influence and geopolitical projection also in Latin America, an area historically linked to the United States. The extraction activities of Qatar Petroleum testify that the Gulf monarchy proceeds without being influenced by the conditions of the boycott two years ago imposed by the other Arab countries. Unlike Saudi Arabia, which aims to diversify its economy with Bin Salman, Qatar continues to focus on crude oil and gas. It will be curious to understand to what extent the colossus intends to increase its activities in Latin America. Among the attractive countries there is Venezuela, rich in oil of excellent quality, but it is unlikely that Maduro will rely on foreign companies for the extraction of crude oil.