Displaying items by tag: oil exploration

In a northern region of Brazil known as the Equatorial Margin, where the Amazon River meets the Atlantic, a major environmental and political debate is unfolding. After researching the possibility of offshore oil reserves, the government decided to hold auctions to sell exploration rights in this area. President Lula da Silva, known for his environmental pledges, including a promise of ‘zero deforestation’ in 2023, now supports allowing drilling ‘to fund our energy transition’ and bolster the economy. Critics argue this contradicts his public stance and undermines Brazil’s credibility as it prepares to host COP30. Environmental organisations and even the federal prosecutor’s office challenged the oil auctions, citing inadequate environmental reviews and community consultation. Despite their efforts, they went ahead, with major corporations like Chevron and Petrobras securing exploration rights. Brazil’s environmental agency had initially rejected drilling permits, but its decision was overruled by its own director under government pressure. The outcome reflects Brazil’s struggle to reconcile economic needs with ecological stewardship.

Guyana's vice-president, Bharrat Jagdeo, has issued a strong warning that his country will defend itself ‘by all and any means’ amid growing concerns that Venezuela's president Nicolás Maduro may attempt to annex a portion of Guyanese territory, particularly the mineral-rich Essequibo region. The current borders were agreed in 1899 after international arbitration. Guyana, a small nation, has historically relied on diplomacy and international law but is now exploring defence cooperation with allies, including the USA. Its army, with only 4,000 active personnel, would potentially face Venezuela's well-equipped, Russian-backed forces of over 350,000. Jagdeo also expressed concerns that the decision by the USA to ease sanctions on Venezuela may have emboldened Maduro in his threats. The border dispute has intensified since oil was discovered off Guyana's coast in 2015. Many believe that Maduro is seeking to shore up support domestically before the elections in 2024. Washington expects him to ensure a ‘free and fair’ vote as part of the sanction relief deal.