The profits received by the Guyanese national treasury are minuscule compared to the enormous profits to be reaped by the US oil company ExxonMobil from the exploitation of crude oil in the Stabroek block, located in waters that have not yet been delimited with Venezuela. Although this fact has caused the historical dispute between both nations to heat up, it is paradoxical that Guyana is the least favored in this equation.
Guyana to Receive Pyrrhic Profits From ExxonMobil Oil Production
Tag: ExxonMobil
US Military Projection in Latin America and the Caribbean Intensifies
Upon assuming the US presidency, Joe Biden asserted in his first major foreign policy address, “America is back!” For Latin America and the Caribbean, this has meant an “aggressive expansion” of the US military in the region.
US Military Projection in Latin America and the Caribbean Intensifies
Guyanese Are Becoming Poorer Despite Living in World’s Fastest Growing Economy
With a GDP growth of over 63% in 2022, according to the World Bank, and an estimated GDP growth of about 38% in 2023, Guyana is frequently referred to as the world’s fastest-growing economy. The meteoric rise of Guyana’s GDP is almost entirely due to the exploitation of recently discovered oil reserves by US-based multinational petroleum corporation ExxonMobil, a company that traces its origins to Rockefeller’s Standard Oil company.
Guyanese Are Becoming Poorer Despite Living in World’s Fastest Growing Economy
Related:
Guyana is the only English-speaking country in South America and shares cultural and historical bonds with the Anglophone Caribbean. Guyana’s two largest ethnic groups are the Afro-Guyanese (descendants of African slaves) and the Indo-Guyanese (descendants of Indian indentured laborers), which together comprise about three quarters of Guyana’s population. Tensions periodically have boiled over between the two groups, which back ethnically based political parties and vote along ethnic lines. Poverty reduction has stagnated since the late 1990s. About one-third of the Guyanese population lives below the poverty line; indigenous people are disproportionately affected. Although Guyana’s literacy rate is reported to be among the highest in the Western Hemisphere, the level of functional literacy is considerably lower, which has been attributed to poor education quality, teacher training, and infrastructure.
Guyana’s emigration rate is among the highest in the world – more than 55% of its citizens reside abroad – and it is one of the largest recipients of remittances relative to GDP among Latin American and Caribbean counties. Although remittances are a vital source of income for most citizens, the pervasive emigration of skilled workers deprives Guyana of professionals in healthcare and other key sectors. More than 80% of Guyanese nationals with tertiary level educations have emigrated. Brain drain and the concentration of limited medical resources in Georgetown hamper Guyana’s ability to meet the health needs of its predominantly rural population. Guyana has one of the highest HIV prevalence rates in the region and continues to rely on international support for its HIV treatment and prevention programs.
CIA: World Fact Book
U.S. Defense Official Visits Guyana Over Threat To Oil-Rich Essequibo
As tensions with Venezuela continue to simmer over President Nicolas Maduro’s attempt to annex oil-rich Essequibo from Guyana, the U.S. is sending a top defense official to Guyana to discuss the situation.
U.S. Defense Official Visits Guyana Over Threat To Oil-Rich Essequibo
Guyana is currently a non-permanent member (2024-2025), of the UNSC, and chair of CARICOM until June 30th.
Related:
In 1974 the PNC aimed to use CARICOM as leverage against Venezuela. Guyanese foreign minister Sonny Ramphal sought to “sound out other governments” in the Caribbean, “promote further the concept of ‘Caribbean identity,’” and “by this means engage Venezuela in constructive Caribbean role which will act to inhibit GOV from pursuing its Essequibo territorial claim.”
Jonestown: An International Story of Diplomacy, Détente, and Neglect, 1973–1978
All posts related to Essequibo
Deep Dive into the 2020 Guyanese Election & Venezuela-Guyana Border Dispute
Scandal Unveiled: Guyana’s Government Finances ExxonMobil’s Taxes
The vice president of Venezuela, Delcy Rodríguez, has made reports of the Cooperative Republic of Guyana’s continued violations of international law and the Geneva Agreement in favor of the transnational oil company ExxonMobil in regards to the Essequibo territorial dispute, stating that new irregularities are being unveiled on the submissive nature of the Guyanese government towards the US oil corporation.
Scandal Unveiled: Guyana’s Government Finances ExxonMobil’s Taxes
President Maduro to Guyana’s President Ali: You Are Opening the Door to the Devil
President Maduro to Guyana’s President Ali: You Are Opening the Door to the Devil
The Venezuelan president then touched on the International Court of Justice (ICJ). He explained to Ali that going to this court of the United Nations to resolve the dispute over the Essequibo must arise from the will of both states, Guyana and Venezuela, as indicated in the 1966 Geneva Agreement, and Venezuela does not recognize this court’s right to rule on the Essequibo claim.
At that moment, Maduro brought out the list of the 119 countries that do not recognize the ICJ. As he unfolded the paper, Maduro looked at the faces of some representatives of those nations present in the room. “You, Bahamas, here you are on the list; you do not recognize that International Court,” Maduro said looking at the face of Philip Davis, prime minister of that Caribbean island. “You, Mr. Keith (Rowley), you don’t recognize the ICJ either,” he said the prime minister of Trinidad and Tobago. The president closed the roll call with Irfaan Ali, whose nation likewise does not recognize the ICJ, although they went to it, in 2018, to ask it to rule on the “legal validity” of the 1899 Paris Arbitral Award, a document that placed Essequibo in the possession of Guyana which, at that time, was a British colony. Essequibo has been part of Venezuela since 1777, when the Captaincy General was founded, according to certified texts.
Venezuela and Guyana to Maintain Direct Dialogue Amid Essequibo Dispute
Venezuela and Guyana to Maintain Direct Dialogue Amid Essequibo Dispute
On Thursday evening, both nations published the “Joint Declaration of Argyle for Peace Between Guyana and Venezuela.”* The eleven-point document establishes that neither nation will threaten the use of force against the other, that both committed to “resolving controversies in accordance with international law” and to “refrain[ing] from escalating any conflict.”
…
The first block of talks included the participation of CARICOM, the regional body of Caribbean states that includes and backs Guyana’s position that would have the International Court of Justice (ICJ) settle the territorial dispute over the Essequibo region.** Venezuela holds “observer” status in CARICOM.
Caracas, on the other hand, views the 1966 Geneva Agreement,** which commits the countries to work out a mutually satisfactory solution, as the only binding instrument to solve the border issue.
…
The Guyanese president added that he viewed the intervention of the ICJ as “part of the Geneva agreement” since the case was taken to the World Court following a referral by the United Nations secretary general.**
Related:
*The joint declaration of Argyle for dialogue and peace between Guyana and Venezuela
Read More »In first speech, Argentina’s Javier Milei warns nation of painful economic shock
BUENOS AIRES, Argentina — It wasn’t the most uplifting of inaugural addresses. Rather, Argentina’s newly empowered President Javier Milei presented figures to lay bare the scope of the nation’s economic “emergency,” and sought to prepare the public for a shock adjustment with drastic public spending cuts.
In first speech, Argentina’s Javier Milei warns nation of painful economic shock
Related:
With soy and lithium trade in the balance, Argentina’s Milei has a China conundrum
Venezuela: US-backed Machado Refuses to Appeal Ban, Gets Florida Endorsement
Republicans have introduced bills in Congress demanding that Biden “recognize” the far-right politician as a presidential candidate.
Venezuela: US-backed Machado Refuses to Appeal Ban, Gets Florida Endorsement
ExxonMobil foresees profit and expansion surge fueled by Guyana, Permian advancements
ExxonMobil foresees profit and expansion surge fueled by Guyana, Permian advancements
With an annual total capital expenditure and exploration expense projection ranging between US$23 billion to US$25 billion, ExxonMobil is set to allocate US$22-$27 billion annually toward project spending until 2027. This includes a commitment to emerging ventures in lithium and low-carbon initiatives, with an 18% increase in spending in these areas.
Emphasizing its dedication to the energy transition, ExxonMobil’s Low Carbon Solutions division is expected to witness an increase in budget from US$17 billion to US$20 billion between 2022 and 2027, contingent upon government support.
The company plans to ramp up annual share buybacks to $20 billion by 2025, an increase from the current US$17.5 billion, following the completion of the Pioneer merger. Additionally, ExxonMobil continues its divestment strategy for refining operations.
Related:
Ms. Cat’s Chronicles 
You must be logged in to post a comment.