Opposition coalition promises to set up Special Fund for natural resources
Sunday, 10 May 2015 01:01 – Written by Denis Scott Chabrol – Demerara Waves
A section of the APNU+AFC’s attendees at the coalition’s rally.. … Click to Enlarge
Just days after authorities announced that Exxon-Mobil, an American oil giant has found hydrocarbons offshore Guyana but was yet to determine if it was in commercial quantities, the leader of the opposition coalition, David Granger announced that if he wins next Monday’s General Elections government would stash away some of the earnings from the natural resources sector for future generations.
“I am talking about putting the profits coming out of gold and diamonds, coming out of timber and coming out of petroleum and any other mineral discovered in this country but the profits will go into a Sovereign Wealth Fund to benefit future generations,” Granger told a mammoth gathering at a rally held at the Square of the Revolution by A Partnership for National Unity+ Alliance For Change (APNU+ AFC). Continue reading
The gusher in Guyana Will oil corrupt a small Caribbean state? – The Economist
The gusher in Guyana Will oil corrupt a small Caribbean state?
It will take better politicians to resist the corrosive power of petrodollars
Jun 29th 2017 | GEORGETOWN Print edition | The Americas- The Economist Magazine
Oil rigs and production
SOUTH AMERICA’S only English-speaking country is one of its poorest. But perhaps not for much longer: Guyana has struck black gold. By 2020 ExxonMobil, the world’s biggest private oil firm, expects to be pumping oil in Guyanese waters, with Hess and Nexen, its American and Chinese partner firms.
In the past two years they have found reserves of around 2bn barrels. Five more promising prospects will be drilled by 2018, and then perhaps a dozen more. Guyana could be producing 120,000 barrels per day by 2020, and more than 400,000 by the mid 2020s. Continue reading →
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