Page 10 - LatAmOil Week 23 2022

LatAmOil VENEZUEL A LatAmOil

Erdogan and Maduro engage in

mutual backslapping in Ankara

TRADE between Turkey and Venezuela is set friends in bad times. We have an exemplary
to hit the $1bn level this year, Turkish President friendship,” Erdogan said. He added that he was
Recep Tayyip Erdogan said on June 9 during a against sanctions and would remain “faithful” to
meeting in Ankara with his visiting Venezuelan Venezuela.
counterpart Nicolas Maduro. Turkey-Venezuela trade volumes expanded
Turkey is one of the few countries that to $850m in 2021 from $150mn in 2019, Erdo-
maintains good relations with Venezuela, even gan noted. It could rise to $3bn, he added, with-
though the South American country is the tar- out elaborating.
get of a longstanding US sanctions campaign. “Now’s the time for Turkish investors in
CNN reported Maduro that made a last-minute Venezuela,” Maduro said. Ready to receive new
decision to visit Turkey as a demonstration that investments were his country’s tourism, mining,
he will always have people ready to receive him industry, oil, gas, coal and banking sectors, he
after US President Joe Biden excluded him from said.
a California gathering of more than 20 Western Both Turkey and Venezuela, said Maduro,
Hemisphere leaders for the triennial Summit of have the will to take bilateral relations to “the
the Americas. next level.” Ankara, he declared, has growing
Venezuela is “a very important partner in global influence and plays a “very important”
Latin America and the Caribbean ... We are geopolitical role in the world. ™

GUYANA
Hess sees Fangtooth field supporting

stand-alone oil development project

FANGTOOTH, one of more than 20 oilfields
discovered within the Stabroek block offshore
Guyana, has been identified as a likely future
development target, according to the head of
the US independent company Hess, which is a
non-operating partner in the project.
John Hess, the president and CEO of Hess,
noted last week that most of the commercially
viable deposits found at Stabroek by ExxonMo-
bil, the US-based super-major that is leading
work at the block, were about 15,000 feet (4,600
metres) below the seafloor, in the Upper Cam-
panian or Cretaceous horizon. However, he
said, during Bernstein’s 38th Annual Strategic
Decisions Conference, that the partners are also
encountering large reservoirs at deeper levels.
Fangtooth offered ample evidence of the
potential of these deeper horizons, he said.
The field holds enough crude oil to support the Fangtooth lies west of Liza, Stabroek’s first producing field (Image: Hess)
operation of a floating production, storage and
off-loading (FPSO) vessel of the type already to trap the oil that is also being trapped at 15,000
installed at Liza-1 and Liza-2, he explained. feet. When we drilled to 18,000 feet [previously],
“What we are finding now is at 18,000 feet, it was never optimally located to drill the biggest
there are sand channels that are actually starting prospects,” Hess stated.

P10 www. NEWSBASE .com Week 23 09•June•2022