This largely underdeveloped country on South America’s northern Atlantic coast is the unlikely setting for the world’s next big #oil boom. But is #Guyana ready to handle the riches? via #OOTT
What a tremendously interesting/well-told/multilayered story here--& the photography! Wow, outstanding too. Exxon is about to fundamentally transform the tiny/poor South American nation of Guyana. So many subplots. By my Houston-based buddy
ExxonMobil reports even larger oil reserves in Guyana. This is just the beginning. And how will Guyana respond
Will oil will give Guyana a second chance? Or is another failed state in the making?
"Mr. Dhaneshrie... noted that the Chinese financed & built an enormous factory in 2009 to rescue the sugar industry, but it turned out to be a $181 million boondoggle. 'The Chinese cut down our forest, dug out our gold, & we never got a cent,' he said."
Some interesting nuggets in this long piece about Guyana's incipient oil "boom." My it's an old fashioned way into the story, tho. "The $20 Billion Question for Guyana"
"Economists say that new oil extraction will mean the Guyana’s current gross domestic product of $3.6 billion will at least triple in five years": this is an awful lot of new wealth for an awfully poor country to forego for the sake of climate change.
Such is the unlikely setting for the world’s next big oil boom. In the last three years has drilled eight gushing discovery wells offshore. With the potential to generate nearly $20 billion in oil revenue annually by the end of the next decade
Guyana is another victim of Chinese "investment": "Chinese financed and built an enormous factory in 2009 to rescue the sugar industry, but it turned out to be a $181M boondoggle." Chinese "cut down our forest, dug out our gold, and we never got a cent."
The $20 Billion Question for Guyana - NYT
Signs of progress but also signs of trouble as Guyana develops new Oil resources