Coming oil wealth overshadows Guyana's election

Guyana goes to the polls on Monday in a closely divided race. Do they see Venezuela's failures right next to them? Perhaps they think their newly discovered increased oil will give them license to splurge on socialism? That never seems to work out.

With VZ bottoming out with just over $4k per person in a country with over 20mm people and Guyana over $16k for a country of under 1MM, if someone is proclaiming socialism is the answer , I would gladly donate the $0.25 for the bullet to end such a moronic discussion.

this guy nailed it....

Quote:Why would anything change for the better. It is a fundamentally corrupt 3rd world culture. None will change that culture...money is power and whoever wins will govern accordingly and keep the population poor...just look around and see what improvements other oil rich 3rd world countries have accomplished over the past few decades - absolutely nothing and this will be no different in Guyana

http://www.looptt.com/content/live-blog-...tions 2020

Straight battle between Granger and Ali as Guyanese vote today

Quote:The Guyana Elections Commission (GECOM) says there are 661,378 registered voters, all of whom are eligible to cast their ballots at 2,339 polling stations across the country.

Final election results are not expected before Friday, although the commission is allowed 15 days to do so.

Eleven parties are contesting the elections but polls suggest he elections appear to be a straight fight between 74-year-old David Granger's A Partnership for National Unity+Alliance For Change and the People's Progressive Party whose presidential candidate is 39-year-old Irfaan Ali.

Guyana: The Good, the Bad and the Ugly Prior to 2020 Elections

Quote:The small Caribbean country of Guyana is on the brink of becoming one of the largest oil-producing nations in the world thanks to the 2015 discovery of major offshore oil deposits.

The revenue is expected to generate an estimated US$168 billion over the life of the project until 2056, representing 120 times Guyana’s annual budget, which in 2019 stood at US$1.4 billion.

By 2024 the amount of money coming in could lift income per person from US$5,000 to US$19,000, nearly the same as in Poland. All the wealth promised for impoverished Guyana hopes of tremendous economic growth in the years ahead. The International Monetary Fund forecasts an 85.6 percent GDP growth in the small nation.

By 2030 the government’s share of earnings from oil could reach US$10 billion in real terms, more than double last year’s GDP.

ExxonMobil shocked the world and the Guyanese as the company announced the discovery of significant oil deposits in the Liza-1 well, followed by Payara, Liza Deep, Snoek, Turbot, Ranger, and Pacora by early 2018. Source: Fundacion Nuestro Mar




Good news! A LOT More oil available! Drill drill drill, and drive, drive, drive!

ExxonMobil Begins Oil Production Off Guyana's Coast

Quote:United States oil company ExxonMobil announced Friday the start of crude production off the coast of Guyana, where the company has made a number of major discoveries in recent years.

Exxon reported that production is scheduled to reach 120,000 barrels per day in the coming months, however, it expects to increase production to over 750,000 barrels per day by 2025. Guyana is a major focus in the company's area of operation, and development is scheduled to make the South American nation the world's newest substantial oil producer.

Good for Guyana. They’ve come a long way since the days of Jonestown.

Guyanese politics was perhaps the only example in the world of an independent society with some legitimate “freedom” even though the 2 main parties were just-barely-more and just-barely-less pro-Soviet than Cuba.

There are a bunch of energy companies that signed deals with Guyana. Exxon's deal was 2% royalty to the government and 50% profit share (after including expenses of course). Canadian firms and other American firms have operations there, same for a couple of Euro firms. Production sharing arrangements might be dependent on the quality of the crude, or can be altered depending on the quality. How governments spends the money ....... no idea.