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“Kosmos plans to use up to one third of the ini- under its credit facilities,” it said.
tial proceeds to test two high-quality infrastruc- The sale will allow Kosmos to focus on West
ture-led exploration prospects in the Gulf of Africa and the Gulf of Mexico, rather than on
Mexico, each offering hub-scale potential with the Atlantic Basin at large. It may also help the
a low-cost, lower-carbon development scheme. company reduce its capital expenditures, as well
The company expects to use the remainder of as its general and administrative outlays, by as
the proceeds to reduce borrowings outstanding much as $125mn over the next two years. ™

VENEZUEL A
Maduro says Venezuela captured

US spy near refinery complex

VENEZUELA’S President Nicolás Maduro said found two former US soldiers, Airan Berry and
last week that the country had captured a US spy Luke Denman, guilty of conspiracy, terrorism
near an oil-refining complex. and weapons trafficking. They sentenced both
During a televised address, Maduro stated men to 20 years in prison for the plot.
that the spy had been captured by Venezue- Maduro has repeatedly accused the US
lan authorities near the Amuay and Cardon of attempting to steal Venezuela’s oil wealth
oil-processing plants in the north-western state through political manipulation. For its part,
of Falcón. The man in question was seized while Washington only recognises opposition leader
carrying weapons and large amounts of cash Juan Guaidó as Venezuela’s legitimate leader.
near the refineries, he said. Guaido assumed the position of interim pres-
The president also claimed that the man had ident early last year, alleging that Maduro had
been “serving as a marine on CIA bases in Iraq,” used fraudulent means to secure re-election in
but he did not give any further details. Addi- late 2018.
tionally, he claimed that his government had The administration of US President Don-
recently unearthed a plot to set off an explosion ald Trump imposed sweeping sanctions on
at El Palito refinery, which is located in Cara- Venezuela’s state-run oil firm PdVSA in Janu-
bobo State in northern Venezuela. ary 2019. It did so with the intent of hitting the
This is not the first time Maduro has referred South American state’s oil exports and forcing
to foreign interference. In May of this year, a US Maduro to step down while backing Guaido’s
soldier, Jordan Goudreau, led a separate failed interim government.
effort to overthrow Maduro. Goudreau had The US, which has traditionally been the
allegedly hoped to seize the presidential palace main destination for Venezuelan crude exports,
and spirit the Venezuelan leader away to Florida has been implementing the sanctions more
to face drug trafficking charges in a US court. tightly in recent months, in an effort to topple
In August, Venezuelan judicial authorities Maduro more quickly.

Payara will be Stabroek’s third development area (Image: Eco-Atlantic Oil & Gas)

Week 3 17•September•2020 www. NEWSBASE .com P15