Venezuela is willing to provide this country with more than 50% of its oil needs under the Energy Cooperation Agreement Petrocaribe but Guyana is not willing to put all of its eggs in one basket.
Contacted about reports that Guyana was willing to buy all of its fuel supplies from Venezuela, Chief Executive Officer Joseph O’Lall told Stabroek News that Guyana would be buying half of the country’s petroleum needs or 5,200 barrels per day from Venezuela on concessionary terms under the Petrocaribe agreement from May 1, 2007.
There has been no other decision taken in this regard, he said.
He said any increase in supply would depend on the demands of the local players: Guyana Oil Company, SOL, Esso Standard Oil and Texaco Oil Company. Guyana at this point in time is “not willing to put all its eggs in one basket,” he said.
Asked whether Guyana would be increasing its supply from Venezuela in the near future, Prime Minister Sam Hinds reiterated that only half of the local needs would be met by the state-owned PDVSA (Petr
