The territorial dispute between Guyana and Venezuela over the Essequibo region remains one of South America’s most persistent geopolitical controversies.

The 2026 Hydrocarbons Law Reform represents the greatest liberalisation of Venezuela’s oil sector since its nationalisation in 1976.

On November 11, the three major oil companies signed a five‑year Production Sharing Agreement with the government of Guyana for shallow‑water Block S4 off Guyana’s coast, with TotalEnergies having the biggest share (40 %) and being the project operator. Qatar Energy holds a 35 % share, and therefore, Petronas holds 25 %.