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The core of their business is a world-class set of assets. In Britain they are the largest producer of oil and gas from the North Sea and West of Shetland. In the United States they are one of the largest producers of oil and gas, based on major assets in the Gulf of Mexico, Texas and Alaska. In South America they are the largest international oil and gas investors in Argentina, Colombia, Trinidad and Tobago, and Venezuela...

Tariffs for exports to and imports from Brazil/Argentina are already at a quite low level. Since the existing bilateral trade volumes between MERCOSUR and Venezuela are still quite low, there is some risk of trade diversion and only low potential for trade creation if the existing trade barriers would be lifted completely on a discriminatory basis...

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