Bloomberg places spotlight on Guyana’s unpreparedness for oil wealth

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  • Quenton Dokken  On August 14, 2019 at 6:48 am

    The challenges of managing a developing industry while protecting the rights of the people and the environment are significant, but Guyana is fortunate that there are numerous modern day models of how to and how not to manage this dynamic development. Development and management of the oil/gas industry in the North Sea, the Gulf of Mexico, and Nigeria are good starting points in seeking instruction on how to move forward.

    Keep in mind that: 1) there is no such thing as an “industry standard” and Guyana must set the standards for companies working within its territories, 2) oil/gas companies exist solely for the purpose of producing profit for their investors, 3) through technology and risk management, the super majors such as ExxonMobil have mitigated the “risk” of drilling for oil to the point that oil/gas production is an immensely profitable endeavor, 4) and it is much cheaper to conserve and protect the environment than it is to attempt to restore the environment after it has been damaged. These are hard learned lessons that Guyana would be well served to take to heart.

    • Trevor  On August 14, 2019 at 12:09 pm

      What I don’t understand is why isn’t salaries rising but share prices are rising, and the shareholders are real estate bubbling most of Region 4 and 5?

  • Kman  On August 20, 2019 at 10:48 am

    Guyanese got royally screwed by a different colonial master, and this is the 2000’s and not the 1700’s.

    Some in the government and their buddies would get richer, and the government has no backbone to do anything. Or maybe, they don’t care as long they are living off the hog!

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