Dating community in guyana

04-Feb-2018 11:40

Deep-water surveys estimate Guyana’s oil reserves at around 2 billion barrels.

That pales in comparison to neighboring Venezuela but surpasses the reserves of Trinidad and Tobago, long the Caribbean’s biggest oil producer.

In 2015, Exxon Mobil and its international partners discovered vast oil reserves off the Caribbean coast of this small country.

By 2018, five new wells will be pumping out 120,000 barrels of Guyanese crude daily.

Once production starts next year, Guyana will receive a 2 percent royalty on gross earnings and 50 percent of oil proceeds.

While that’s a fairly low royalty by international standards, it will make Guyana rich.

Venezuela could muck things up a bit for Guyana, though, by increasing Navy patrols in Venezuela’s exclusive economic zone, which abuts Guyana’s disputed maritime area, deterring oil vessels and intercepting commercial ships.

Today, Guyana is one of South America’s poorest countries, with an average per capita annual income of around US,000.

But within the decade, it could be among the richest.

In short, Guyana is on the verge of unprecedented wealth – but only if it plays its cards right.

As I’ve seen during two decades of research into Caribbean oil and gas development, natural resources can easily become a curse.Indeed, Guyana’s gross mismanagement of its corruption-plagued sugar and mineral extraction industries raises doubt about whether the coming oil windfall will actually benefit citizens.