The small Caribbean nation of Antigua and Barbuda stands to unlock tangible economic benefits from rising oil output in neighboring Venezuela, if expanded production develops into a stable new regional supply hub, according to Gregory Georges, chief executive officer of the West Indies Oil Company (WIOC).
This potential upside carries particular weight given the existing structural ties between the two countries’ energy sectors: Venezuela’s state-run national oil firm Petróleos de Venezuela, S.A. (PDVSA) holds a 25 percent equity stake in WIOC, creating a direct commercial link that would position Antigua and Barbuda to capture value from growing Venezuelan production activity.
Beyond Venezuela, Georges also highlighted the rapid expansion of Guyana’s burgeoning offshore oil industry as a second promising opportunity for the Caribbean nation to grow its regional energy footprint and economic gains. As neighboring South American countries ramp up oil output, Antigua and Barbuda is well positioned to leverage its existing industry connections to turn these regional developments into local economic advantages.
This reporting is based on original work from Island Press Box.