INSUBCONTINENT EXCLUSIVE:
cautious about setting timelines
However, meaningful efforts only began in the late 1960s.The country gained independence in 1975 and resumed onshore oil exploration in 1989
By 1997, the focus had shifted offshore, attracting global companies.Hoping for offshore oil, the country worked on delimiting maritime
it established a joint exploration zone with Nigeria
These steps aimed to resolve territorial disputes and ensure fair resource sharing.After 27 years of negotiations, contracts, research, and
We drilled the Jaca well, providing an active petroleum system
representative.Former Infrastructure and Natural Resources Minister Osvaldo Abreu remains optimistic about finding commercial quantities of
oil in the Jaca block, first drilled in 2022.He confirmed three rock formations indicating high-quality oil but criticized poor information
cautioned against potential downsides.He emphasized the need for robust institutions to combat corruption, mismanagement, and phantom
This approach aims to avoid pitfalls experienced by other oil-rich nations.
