New York, New York--(Newsfile Corp. - August 1, 2024) - Major energy suppliers are reportedly planning to explore oil and gas in a contested area off the coast of South America, involving the disputed Esquibo region between Venezuela and Guyana, as well as the Cuban coastline. According to industry sources, major energy suppliers are in advanced discussions with two local crude and oil companies to secure the right to operate in this strategically significant area.

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Robert Persaud, Guyana's Foreign Secretary, confirmed to the Associated Press that Major energy suppliers have been actively negotiating with local stakeholders and are close to initiating exploration activities in partnership with several organizations. This development comes amid long-standing territorial claims by Venezuela over the Esquibo region, which has rich hydrocarbon potential.

"The potential entry of any major energy suppliers into this disputed area underscores the significant energy resources at stake," said an industry analyst. "Their expertise and advanced technology could unlock substantial oil and gas reserves, despite the geopolitical complexities involved."

The involvement of major energy suppliers in this region highlights the global commitment to expanding exploration footprints and addressing global energy demands. The strategic move could enhance its upstream capacity and substantially boost local economies through job creation and infrastructure development.

Both Crude and Oil Corporation (CAOC) and the involved local companies are expected to issue formal statements in the coming weeks, clarifying the terms and scope of their potential collaboration.

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About Crude and Oil Corporation:

CAOC is a leading oil exploration and production company based in Mexico, specializing in innovative and sustainable Crude Oil extraction methods. Committed to reducing environmental impact, CAOC focuses on delivering efficient and responsible energy solutions. For more information, visit www.crudeandoilcorp.com

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