ENERGY ADVISOR a WEEKLY PUBLICATION of the DIALOGUE June 26, 2020

LATIN AMERICA ADVISOR ENERGY ADVISOR A WEEKLY PUBLICATION OF THE DIALOGUE www.thedialogue.org June 26, 2020

BOARD OF ADVISORS FEATURED Q&A TOP NEWS Nigel Blackaby Global Head, OIL & GAS International Arbitration Group, Freshfields Bruckhaus Deringer Is Political Upheaval U.S. Sanctions Mary Rose Brusewitz Captains for Member, Clark Hill Strasburger in Guyana Hurting Venezuela Cargoes Jeffrey Davidow The administration of U.S. Senior Counselor, President Donald Trump slapped The Cohen Group Foreign Investment? sanctions on five Iranian ship Jonathan C. Hamilton captains involved in bringing gas- Partner, oline to Venezuela, which is facing White & Case severe fuel shortages. Five Iranian Ana Heeren tankers delivered about 1.5 million Managing Director, barrels of gasoline this week. FTI Consulting Page 2 Raul Herrera Partner, Corporate & Securities Practice, OIL & GAS Arnold & Porter James R. Jones Petrobras Enters Chairman, Teaser Stage in Monarch Global Strategies Asset Sale Jorge Kamine More than three months after the presidential election in March and following several vote Partner, recounts, opposition leader Irfaan Ali (pictured) was confirmed to have won over incumbent The Brazilian state oil company Corporate & Financial Services, President David Granger. // File Photo: Guyanese Government. has begun the so-called teaser Willkie Farr & Gallagher stage in the sale of its entire stake Preliminary data published by Guyana’s elections commis- Craig A. Kelly in shallow-water fields off the Director, sion shows opposition candidate Irfaan Ali winning a recount coast of Ceará state. Americas Int’l Gov’t Relations, Exxon Mobil of votes of the March presidential election. President David Page 3 Tyler Kruzich Q Granger had initially claimed victory, but observer groups Director, Int’l Gov’t Affairs for and the opposition party denounced irregularities. What’s in store RENEWABLES the Western Hemisphere, Chevron for Guyana’s oil sector under a new government? To what extent has Enel Planning Jorge León the vote recount process over the past three months eroded foreign Hydrogen Units in Energy Economist, BP investors’ appetite for developing the country’s recently discovered Chile: Cammisecra offshore oil blocks? In what ways has the context of lower international Jeremy Martin Enel is planning to launch a green Vice President, Energy & Sustainability, crude prices affected current and future production plans in the South hydrogen business in 2021, with Institute of the Americas American nation? the European company targeting Larry Pascal markets including Chile, said Chairman, Antonio Cammisecra, the head of Americas Practice Group, Haynes & Boone Thomas B. Singh, director of the University of Guyana Enel’s global power generation. Page 2 Charles Shapiro GREEN Institute and senior lecturer in the Department of President, Economics: “A new government would, if sworn in, have to do World Affairs Council of Atlanta a lot of fast learning, as the oil sector is very different from R. Kirk Sherr A President, any that it had managed in the period of its incumbency before the oil dis- Clearview Strategy Group covery. In negotiations as well as in its legislative agenda for the sector, Mark Thurber Partner, an Irfaan Ali government will be less inclined to capitulate to the demands Hunton Andrews Kurth of the sector, though it will not be unfriendly to oil companies, and it will Jose L. Valera be cognizant of the sector’s potential for Guyana’s development pros- Partner, Mayer Brown LLP pects. It seems clear that it will attempt to alter the fiscal regime away Lisa Viscidi in the production-sharing agreement with ExxonMobil in Guyana’s favor, Program Director, both for Exxon, but especially for other potential operators. The recount Inter-American Dialogue process itself and the implication that there will be a new government will matter less for foreign investors than would the Guyana Electoral Cammisecra // File Photo: LinkedIn. Continued on page 3

RENEWABLES NEWS ize sectors of the economy in which electrifica- NEWS BRIEFS tion has limitations,” Ana Ángel, Latin America Enel Planning to manager at energy consultancy Hinicio, told JinkoSolar to Supply Solar the Energy Advisor in March. [Editor’s note: Modules for Chile Plant Launch Hydrogen See related Q&A in the March 13 issue of the Energy Advisor.] China’s JinkoSolar, one of the largest solar Businesses in Chile module manufacturers in the world, announced Monday that it will supply 60.9 megawatts of Enel, Europe’s biggest utility, is set to launch a Mexican Antitrust bifacial modules for the first industrial hybrid green hydrogen business in 2021 in an effort to Regulator Challenges plant in Chile. The plant, which is set to be accelerate its plans of becoming carbon-free located about 10 kilometers outside the city of by 2050, with the company targeting markets New Power Rules Calama in the Antofagasta region, will consist including Chile, Reuters reported last Friday. of a 60.9-megawatt photovoltaic plant and a Other markets included in the plan are the Mexico’s antitrust regulator said on Monday 90-megawatt wind farm. Construction of the United States, with a special focus on Texas, that it had filed a lawsuit at the country’s hybrid plant is expected to be finished in early and Spain, the head of global power generation, Supreme Court against the energy ministry over 2021. [Editor’s note: See related Q&A in last Antonio Cammisecra, told the wire service. rule changes in the electricity sector, Reuters week’s issue of the Energy Advisor.] reported. Last month, the ministry published a set of guidelines giving the state more control We have huge renew- over approval of new renewable energy proj- Mexico Watchdog Orders able energy pipelines ects, sparking concerns that the government CRE to Disclose Gov’t was violating existing contracts with the aim of in these countries, Renewable Energy Policies where there’s also a squeezing out private companies, according to the report. The Federal Economic Competition promising market for Mexico’s federal transparency watchdog, Inai, Commission, or Cofece, said in a statement hydrogen, too.” has ordered energy regulator CRE to disclose that the new rules go against fundamental policies and projects that the government is — Antonio Cammisecra principles of free competition established in pursuing in a bid to achieve the legally estab- the Constitution and urged the Supreme Court lished goals of renewable energy generation in to rule on the matter, Europa Press reported. the country’s electricity mix, BNAméricas re- The group has wind and solar assets in Texas. Cofece added that the ministry’s move “seri- ported Monday. Mexico has the goal of having “We have huge renewable energy pipelines in ously affects” the structure of the electricity 35 percent of its electricity generation come these countries, where there’s also a promising sector and prevents access to transmission from clean energy by 2024. Inai President market for hydrogen, too,” Cammisecra said. and distribution networks while favoring cer- Francisco Javier Acuña said the information is Enel is planning to install electrolyzers, which tain participants and hindering others’ ability to “particularly relevant in light of the internation- use electricity to split water into hydrogen and compete. [Editor’s note: See related Q&A in the al hydrocarbon crisis and the problems related oxygen, at its solar and wind farms to produce May 29 issue of the Energy Advisor.] to production of nonrenewable energy.” hydrogen that can be used for energy storage or sold to industrial clients in order to help decarbonize their processes, according to the OIL & GAS NEWS report. Cammisecra said Enel wants to build U.S.-Canada Consortium large-scale plants that would usually have a to Take Over T&D From quarter of the capacity of the renewable plant U.S. Slaps Sanctions Puerto Rico Power Firm it is built next to. “We’ll start with 2-3 projects on Captains Involved in the first year to see if the business case is A consortium of Canadian and U.S. firms will sound,” Cammisecra added. According to a in Venezuela Cargoes take over the transmission and distribution report by S&P Global Platts published earlier system of Puerto Rico’s public power company, PREPA, officials said Monday, the Associated this year, hydrogen could achieve emission The U.S. Treasury Department on Wednesday Press reported. It is the first time that such reductions in industrial settings, as well as in slapped new sanctions on five Iranian ship cap- operations will be privately managed in the U.S. residential and commercial heating and long- tains who recently delivered gasoline to Ven- territory since PREPA became a public utility in haul trucking. “Green hydrogen … is positioning ezuela, CNBC reported. Earlier this week, five 1979. Canada’s ATCO and U.S.-based Quanta itself as a key piece of the puzzle to decarbon- Iranian tankers shipped approximately 1.5 mil- Services and IEM make up the consortium.

lion barrels of fuel to the Andean nation, which FEATURED Q&A / Continued from page 1 has been facing a sharp shortage of gasoline and was once a prominent global fuel exporter. Commission’ eventual declaration and the inappropriate privatization of state land by “The Treasury Department will target anyone fallout of that declaration. The incumbent the PPP and the coalition, especially water- who supports Iranian attempts to evade United seems willing only to accept a declaration front properties. I am concerned about the States sanctions and who further enables that returns it to power. Such an eventuality gas-to-power project, the formulation of a their destabilizing behavior around the world,” will strongly deter foreign investors as it real national development plan and the need Treasury Secretary Steven Mnuchin wrote in will result in an unpredictable government. for fair oil contracts. The current preferred a statement. “The Iranian regime’s support to But even if there is a change in government, the authoritarian and corrupt in Venezuela is there may be political and social upheavals unacceptable,” he added. The announcement to worry about. Finally, the recount process Guyana has done almost follows another round of sanctions last week aside, potential foreign investors will anyway nothing over the last on more than a dozen individuals, their busi- have to consider the developments in the five years to prepare for nesses and tankers for allegedly being involved market for oil. Guyana’s political climate its oil industry.” with as much as 40 percent of Venezuela’s simply adds to the increasing uncertainty — Jan Mangal crude oil exports in recent weeks, The Wall confronting investors in the energy sector. Street Journal reported. Among them were Successive governments in Guyana have Mexico’s Libre Abordo and a related company, never been as aggressive about oil explo- location for landing the gas pipeline was not Schlager Business group, as well as both their ration as they have been about developing chosen properly. There are concerns that owners. It was the first formal action by the other minerals and resources, including the site was chosen with political influence. United States against Mexican firms involved renewable energy. As before, future pro- Instead, another site should be chosen with in trading Venezuelan oil, Reuters reported. duction plans will be driven by the extent of consideration of a power plant, deepwater Libre Abordo said its lawyers would review investor interest, which itself might wane if port, manufacturing zone and impacts of the decision, which it said wrongly linked the oil prices remain low for much longer. A new sea-level rise. Such a well-positioned key firm to unrelated entities. Last week, the U.S. government will, however, remain committed development could positively transform administration also took two of four previously to the development of the Stabroek Block by Guyana forever. I doubt the recent election sanctioned companies and their tankers off its ExxonMobil.” rigging will degrade foreign oil companies’ blacklist, because it said they had cut ties with interest. Oil companies usually flourish in Venezuela. Jan Mangal, oil and gas consul- failed states, and they tend to dislike well- tant and former petroleum advi- run places such as Norway. But recent politi- Petrobras Enters sor to the president of Guyana: cal events will negatively affect other non-oil A “A new PPP government would investments, which are much needed. The Teaser Stage in Sale be more active than the previous coalition current oil industry slump will affect Guyana government, but I worry much that new activ- to a lesser extent than the rest of the world, of Shallow Fields ity will suffer from the usual problems, such partly due to the high quality of Guyana’s oil. as inappropriate projects, mismanagement We may see a slower expansion of produc- Brazilian state oil company Petrobras has and corruption. They will likely try to extract tion, but this will be to the country’s benefit begun the so-called teaser stage in the sale of more value from the foreign companies, as Guyana needs to catch up. Guyana has its entire strike in its shallow-water fields in the but little if any incremental change would done almost nothing over the last five years Mundaú sub-basin in the northeastern state of be for the nation’s benefit. hT e PPP suffers to prepare for its oil industry.” Ceará, the firm said in a statement last Friday. from many of the same problems as the The cluster of four fields—Atum, Curimã, Espa- coalition. It has no expertise in oil and gas Jennapher Lunde Seefeldt, da and Xaréu—is 30 kilometers off the coast (O&G) and are unlikely to welcome advice assistant professor of govern- of Ceará, in waters with a depth of between 30 from independent O&G professionals. The ment and international affairs and 50 meters. Average production there last PPP’s O&G ‘guru’ has zero years’ experience A at Augustana University: “With year was 4.2 thousand barrels per day (bpd) of in O&G. Guyana will never be able to truly Ali and the PPP claiming a slim majority in oil and 76.9 thousand cubic meters per day of benefit from its oil without the appropriately parliament, it may be difficult to radically gas, according to the statement. Petrobras op- qualified people. A second O&G supply base alter future oil industry plans. However, Ali erates the fields. The teaser includes informa- on the Demerara River is likely and might noted that the initial ExxonMobil contract tion such as the eligibility criteria for selection be justified. But we had major issues with will not be renegotiated, but his cabinet will of potential participants. Continued on page 6

POLITICAL NEWS THE DIALOGUE CONTINUES Panamanian Gov’t Taps New Is Clean Energy in Latin Health Minister America a Priority for China?

Panama’s government on Wednesday named Renewable energy and clean talized and cannot really cover the financial Luis Sucre as the country’s new health minister, transport sectors in Latin Amer- needs of the more than 100 countries that replacing Rosario Turner, who had been the ica have grown in the past five have already requested assistance. In that public face of the country’s response to Q years with the help of Chinese regard, it seems difficult to focus on energy Covid-19, Reuters reported. Sucre had been investment, with the Asian giant putting transition, seemingly a longer-term issue, but Panama’s deputy health minister since last money into large-scale clean energy proj- this would be a mistake. Climate change is July. The pace of the disease’s spread has ects in the region and selling Chinese-made a very urgent issue, which requires countries been accelerating in recent weeks in Panama. electric buses to several countries, for to focus their attention and financial needs. “The country has a debt to [Turner] that cannot example. What role has China played in China is clearly one of the key players, be repaid,” said President Laurentino Cortizo. developing so-called green initiatives in not only because it has a good part of the “A task of this magnitude certainly constitutes Latin America in recent years? As China needed technology, especially regarding a marathon that cannot be victorious without faces an economic slowdown at home, how solar energy, but also because it can finance a solid sense of teamwork and without the might such a partnership change in the energy projects, including on the renewable necessary replacements to ensure the achieve- period ahead, and which countries in the space, as well as exports of electric vehi- ment of a strong victory.” Panama has more region would be most affected? How much cles, especially buses for the development than 28,000 confirmed cases of the disease of a priority are clean energy projects for of smart cities. Latin America has of course and 547 deaths from it. Also on Wednesday, China and for the Latin American countries seen this development as an opportunity, but Cortizo, who marks one year in office next where they would be located, as opposed to some notes of caution should be mentioned. week, named new ministers to lead the govern- projects involving fossil fuels? The first one is that China’s stimulus in 2020 ment’s social development as well as housing will not be like that of 2008. It will be much and land planning ministries. Alicia García-Herrero, chief more cautious with a push for exports rather economist for Asia Pacific at than imports as China’s structural situation Peru Reaches Deal Natixis: “Latin America is con- is weaker. The second is that China’s finan- A fronting one if its worst crises cial power is also less obvious as Chinese With Clinics on Rates in history. There are many reasons for this. banks’ balance sheets are over-stretched. First and foremost, the direct impact of the In that regard, while China will still have an for Covid Patients pandemic on health with limited room for interest to finance green energy, it will not health policies as well as the necessary fis- come as cheap or easy for Latin America as The Peruvian government and private clin- cal response. Second, commodity prices are in the past.” ics have reached an agreement on rates at historical lows, which makes Latin Amer- for Covid-19 patients, National Agreement ican economies’ external financing even Executive Secretary Max Hernández said more difficult. As if this were not enough, the EDITOR’S NOTE: More commentary on this Wednesday night, state news agency Andina International Monetary Fund, which could be topic appears in last week’s issue of the reported. The announcement came just hours seen as the obvious lender of last resort in Energy Advisor. after President Martín Vizcarra threatened such difficult circumstances, is under-capi- to temporarily take over the Andean nation’s private health care clinics if they failed to reach a deal with his government in 48 hours over and intensive care as a result of Covid-19. reported. Peru has been hit hard by the corona- fees for treating coronavirus patients, Reuters “We cannot wait indefinitely,” Vizcarra said in virus pandemic despite a nationwide lockdown. reported. Private clinics had been at odds with a televised speech on Wednesday. Hernández The country has confirmed more than 264,600 the government for three weeks regarding a fair later announced that 55,000 soles (around cases of Covid-19 and 8,586 deaths, the rate of care, following reports of overcharging $15,633) would be the flat rate for as long as second-worst tally in Latin America after Brazil, for patients who require mechanical ventilators the treatment lasts. “It may be a day or two or and the seventh highest number of infections even beyond 30 days,” Hernández said, Andina worldwide, according to a Reuters count.

NEWS BRIEFS rently the head of Western Hemisphere affairs Suriname’s Ruling at the National Security Council. “There is still López Obrador to Meet Party Concedes some time. We have to see what the different With Trump in Early July countries will say, not all of them have made Defeat in Election a statement,” Chinchilla told El Financiero. Mexican President Andrés Manuel López “We respect all candidates’ aspirations, and Obrador said on Wednesday that he plans to we hope our candidacy is also respected,” she Suriname’s ruling National Democratic Party, meet with his U.S. counterpart, Donald Trump, added. The bank’s 48 member countries and or NDP, has congratulated opposition par- in early July to mark the entry into force of the its board of governors are scheduled to elect ties on their victory in the country’s May 25 United States-Mexico-Canada Agreement, or the next president in mid-September. Claver- general election, effectively accepting longtime USMCA, Agence France-Presse reported. “It’s Carone’s nomination sparked some controversy President Dési Bouterse’s defeat, The Jamaica very probable that I will go to Washington,” among analysts, as the candidacy breaks Gleaner reported Tuesday. The opposition López Obrador said, adding that he hopes Ca- with an unwritten agreement since the bank’s parties are expected to form a coalition gov- nadian Prime Minister Justin Trudeau will also inception that its president would come from ernment to oust Bouterse in a legislative vote, join the meeting. The North American coun- Latin America, The Washington Post reported. to be held in August, to elect the country’s next tries’ new trade deal comes into effect July 1. The bank has only had four presidents, whose president. “We wish you prosperity, wisdom, [Editor’s note: See related Q&A in Wednesday’s terms have been renewed, and they have all strength and perseverance in the pursuit of the daily Latin America Advisor.]. been Latin American. Chinchilla would be the Surinamese goal, which is sacred to all of us, first woman to lead the IDB. [Editor’s note: See namely, to push Suriname to greater heights related Q&A in Thursday’s issue of the daily at any level,” the NDP said in a statement after Latin America Advisor.] Latin America, Caribbean the Caribbean nation’s Independence Electoral Surpass 100,000 Deaths Council released the election’s official results. The main opposition parties together control BHP Announces From Coronavirus 35 of the 51 seats in the National Assembly, Latin America and the Caribbean on Tuesday while Bouterse’s NDP won the remaining 16 Stricter Health surpassed 100,000 deaths from the novel coro- seats. International observers, including the navirus, with more than half of those deaths Organization of American States and the Controls in Chile in Brazil, according to a count by Agence Caribbean Community, have said the vote was France-Presse based on official figures. The re- free and fair, despite the count being inter- Global miner BHP announced stricter health gion now has more than 2.1 million cases, and rupted early on, with officials saying electoral protocols on Tuesday after cases of Covid-19 the pandemic is accelerating. Brazil has the personnel were exhausted following wide- at its Escondida copper mine in Chile, the second-highest number of cases and deaths in spread problems with voting, the Associated world’s largest, reached 150, with 59 infections the world, after only the United States. Press reported. Bouterse has led Suriname for at its smaller Spence deposit, Reuters reported. 40 years. [Editor’s note: See related Q&A in the The miner said 76 cases remained active and June 9 issue of the Advisor.] that there was “a tendency toward the decline” of new infections. “This is a dynamic situation Colombia’s Duque that can change rapidly, which is why we are

Extends Coronavirus ECONOMIC NEWS making our best effort to implement all mea- Lockdown Until July 15 sures necessary to protect the health of our workers and contractors,” the company said. Colombian President Iván Duque on Tuesday Costa Rica Plans to BHP is one of various major miners operating announced an extension of the Andean na- in Chile that have upgraded safety measures tion’s coronavirus-related lockdown until July Nominate Chinchilla in recent weeks as the Andean nation reaches 15, Reuters reported. Colombia has reported the peak of coronavirus cases and deaths, more than 73,500 cases of Covid-19 and more to Lead IDB and hospitals fill up, the wire service reported. than 2,400 related deaths. While some restric- Chilean Mining Minister Baldo Prokurika said tions have been relaxed since the nationwide Costa Rica will nominate former President Tuesday, Reuters reported. He added that the quarantine started in March, the lockdown was Laura Chinchilla to lead the Inter-American “indispensable” mining industry’s operations due to be lifted July 1. Pilot projects in munic- Development Bank, El Financiero reported needed to be maintained if the government is ipalities with low or no rates of infections will Monday. The administration of U.S. President to sustain its emergency social support pack- begin in order to test the reopening of certain Donald Trump last week announced its own ages to address the economic consequences businesses. candidate, Mauricio Claver-Carone, who is cur- of the pandemic.

FEATURED Q&A / Continued from page 3 LATIN AMERICA ENERGY ADVISOR is published weekly by the Inter-American Dialogue Copyright © 2020 work to fairly and transparently administer However, pressure from the opposition PPP/ the initial and any future contracts. Guyana’s Civic, smaller parties and the international Erik Brand Department of Energy (DoE) agreed to pro- community led to a recount. The recount Publisher [email protected] vide information to the Extractive Industries is now complete and shows the PPP/Civic Transparency Initiative (EITI) regarding the as clear winners. Caricom, the OAS and Gene Kuleta Editor initial ExxonMobil sale. The EITI and the DoE the Commonwealth Secretariat have all [email protected] will share information to increase transpar- recognized that outcome. It is therefore now Anastasia Chacón González ency, accountability and governance. These for the elections commission to declare the Reporter & Associate Editor actions give all stakeholders hope for good winners and for its presidential candidate [email protected] governance going forward. Investor appetite Irfaan Ali to be sworn in. This will bring may be suppressed due to Guyanese history much-needed political stability to Guyana.

with ethnicity-based politics and corruption The incoming government and Ali have a Michael Shifter, President issues from all major parties. And, Guyana’s history of welcoming foreign investment. In Rebecca Bill Chavez, Nonresident Senior Fellow electoral challenges, an ongoing pandemic fact, it was during their previous term that Sergio Bitar, Nonresident Senior Fellow and a drop in oil prices hit precisely when work was done that led to ExxonMobil’s Liza Joan Caivano, Director, Special Projects the country should be most attractive to discovery in 2015. Ali has said Exxon’s pro- Michael Camilleri, Director, Rule of Law Program investors. Granger’s recent electoral actions duction-sharing agreement for the Stabroek Kevin Casas-Zamora, Nonresident Senior Fellow and lack of transparency signal instability. block will not be re-negotiated given that Héctor Castro Vizcarra, Nonresident Senior Fellow Investors will be wary to sign or negotiate it is a ‘pioneering investment.’ He has also Julia Dias Leite, Nonresident Senior Fellow new deals if they are unsure of the govern- championed the need for greater inclusion of Ariel Fiszbein, Director, Education Program ment’s stability or capability to produce and the Guyanese private sector in the nascent Peter Hakim, President Emeritus execute legislation related to oil develop- oil industry. The recent political impasse Nora Lustig, Nonresident Senior Fellow ment. Despite Covid-19 and the decline in has, however, had an impact on the timing Margaret Myers, Director, Asia and global oil prices, Guyana’s 2020 economic of Exxon’s schedule of projects. There will Latin America Program growth is still forecast at 53 percent. It is too be a one-year delay in the start-up of work Manuel Orozco, Director, Migration, Remittances & Development early to tell the short- and long-term effects on the Payara project, the third development Xiaoyu Pu, Nonresident Senior Fellow of this spring on Guyana’s production plans, project on Exxon’s timetable. Regarding the Jeffrey Puryear, Senior Fellow but ExxonMobil counts the Guyana blocks continued exploration of the Guyana-Surina- Mateo Samper, Nonresident Senior Fellow as some of its biggest projects. Exxon CEO me basin, I believe more acreage needs to Tamar Solnik, Director, Finance & Administration Darren Woods remarked that Guyana would be awarded, but only after an assessment Lisa Viscidi, Director, Energy Program maintain high priority of recovery pursuits; and understanding of the current situation. Denisse Yanovich, Director of Development and the company is not willing to lose its invest- Low oil prices in recent months have not External Relations ments in Guyana.” dampened plans for investment in Guyana’s Latin America Energy Advisor is published deepwater. Exxon’s breakeven for oil from weekly, with the exception of some major Kevin Ramnarine, former the Stabroek block is in the low 20s. Howev- U.S. holidays, by the Inter-American Dialogue 1155 15th Street NW, Suite 800 minister of energy of Trinidad er, the low price will slow the rate at which Washington, DC 20005 Phone: 202-822-9002 and Tobago: “Guyana has been Exxon recovers its capex spend pre-first oil, www.thedialogue.org A on a political roller coaster ride and this will delay the big jump in revenue ISSN 2163-7962 for the last 18 months, starting with the gov- for Guyana that was expected by 2025, at ernment’s loss of a motion of no-confidence which time the bulk of capex was expected Subscription Inquiries are welcomed at [email protected] in December 2018. International observes to be recovered.” The opinions expressed by the members of the Board of described the initial vote count in the Advisors and by guest commentators do not necessarily March 2 election as lacking credibility and The Advisor welcomes comments on its Q&A represent those of the publisher. The analysis is the sole transparency. That tabulation showed the section. Readers can write editor Gene Kuleta view of each commentator and does not necessarily represent the views of their respective employers or incumbent administration winning narrowly. at [email protected]. firms. The information in this report has been obtained from reliable sources, but neither its accuracy and completeness, nor the opinions based thereon, are guaranteed. If you have any questions relating to the contents of this publication, contact the editorial offices of the Inter-American Dialogue. Contents of this report may not be reproduced, stored in a retrieval system, or transmitted without prior written permission from the publisher.