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Guyana new oil source multiplies riches

Regional 12 Oct, 2021 Follow News

Guyanese oil will soon bring vast wealth

Guyana’s oil wealth got a massive boost after a discovery of a new source of approximately 10 billion barrels.

ExxonMobil made the new discovery announcement at the Cataback-1 well for the Stabroek Block in offshore Guyana. Cataback-1 brings the total significant discoveries to more than 20 within the Stabroek Block.

Alistair Routledge, president of ExxonMobil Guyana, said recent discoveries and ongoing projects will significantly enhance Guyana’s economy. He said that “since that first discovery, more than US$500 million have been spent with local companies; more than 800 local businesses, companies are involved in the supply chain for our business.”

Nevertheless, Guyanese groups continue to pressure the government to review and revise the contract with Exxon to ensure a better deal on investment for all Guyanese as the country could become one of the world’s richest.

By around 2026, Guyana is projected to have the highest per capita oil production of any country in the world. Previous forecasts issued by the IMF put Guyana’s economy at $14.1 billion by 2025, almost three times the 2019 figure.

The Guyana economy grew by 14.5 per cent during the first six months of this year, according to the Ministry of Finance.

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