Guyana: Concerns raised over the discovery of large oil reserves in South America´s second poorest nation

Author: BBC , Published on: 10 May 2019

“Will Guyana soon be the richest country in the world?”, 9th May 2019

…South America's second poorest nation is bracing for an oil boom that could catapult it to the top of the continent's rich list - and beyond. But can Guyana avoid the so-called oil curse and ensure that its newfound riches benefit all Guyanese?...It may sound far-fetched, but with a population of around 750,000, in per capita terms, Guyana's wealth is set to skyrocket. ExxonMobil, the main operator in Guyana, says it has discovered more than 5.5 billion barrels worth of oil beneath the country's waters in the Atlantic Ocean…The money would certainly be welcome. This former British colony - the only English-speaking country in South America - has high rates of unemployment and poverty…But history carries a warning for Guyana. The discovery of big oil in other developing nations has exacerbated existing corruption, leading to the new oil wealth being squandered and stolen. It has become known as the oil curse…In Guyana, "corruption is rampant," says Troy Thomas, the head of the local chapter of global anti-corruption NGO Transparency International. He says he is "very worried" about the oil curse. A political crisis in recent months has been seen by some as an early sign of the curse's effects…

Read the full post here

Related companies: ExxonMobil