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: oil production
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
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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
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.
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Venezuela: Referendum Delivers Overwhelming Backing for Essequibo Claim
Caracas, December 4, 2023 (venezuelanalysis.com) – Venezuelans voted to support the country’s sovereignty claim over the Essequibo Strip in a non-binding referendum on Sunday.
Venezuela: Referendum Delivers Overwhelming Backing for Essequibo Claim
Guayana Esequiba: Geo-economics of an Occupation
An air of bonanza has raised the projections of the Exxon Mobil corporation, which accumulated around 414 billion dollars in 2022, an unprecedented income in its history, which represents 44.8% more than the previous year. It is a gigantic increase if compared to its crisis in 2020, when its losses put its place in the stock market in jeopardy. Also from the research of that American corporation, it is said that Guyana could become “the country that produces the most barrels of oil per inhabitant in the world, surpassing Kuwait, in that case, when measuring the wealth per capita of its 800 thousand inhabitants, it would become a rich country, since in 2021 its GDP increased by 57.8% and in 2022 by 37.2%”.
Guayana Esequiba: Geo-economics of an Occupation
On the strategic relationship between Venezuela and China
During a state visit to the People’s Republic of China in September 2023, Venezuelan president, Nicolas Maduro met president Xi Jinping and both agreed to strengthen the relationship of their countries by establishing seven sub commissions to elevate it to the level of ‘all-weather strategic partnership’. This is the culmination of a relationship that began with president Hugo Chavez’s first visit to Beijing in 1999, the very first year of his presidency.
On the strategic relationship between Venezuela and China
WARNING: U.S. Oil Reserves Are Empty With Fewer Than 17 Days Left Of Crude Oil Inventory
US seeks to ‘militarize’ Venezuela-Guyana disputed territory
The Venezuelan Foreign Minister says that the parliament recently passed a referendum protecting the sovereign territory from US encroachment, adding that the US is again trying to interfere in the 200-year-old dispute of Essequibo.
US seeks to ‘militarize’ Venezuela-Guyana disputed territory
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Exxon Is The Biggest Winner In Guyana’s Epic Oil Boom
China and Venezuela to Establish ‘All-Weather Strategic Partnership’, Sign 31 Cooperation Agreements
The Venezuelan leader added that his country would continue to back China’s Belt and Road Initiative as well as the internationalization of the yuan, and is also willing to cooperate with Beijing in multilateral forums such as the BRICS group and the United Nations (UN).
Crude Inventories Decreased By 6.3 Million Barrels
The EIA report showed that U.S. was buying oil for the Strategic Petroleum Reserve despite rising oil prices.
Crude Inventories Decreased By 6.3 Million Barrels
Oil, the dollar, and the Fed still pose a triple threat to the US economy, Bank of America says
The US economy isn’t in the clear just yet because of the triple threat posed by rising oil prices, the dollar, and the Federal Reserve, according to Bank of America.
Oil, the dollar, and the Fed still pose a triple threat to the US economy, Bank of America says
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