Latest update April 7th, 2025 12:08 AM

Guyana's largest selling daily and New York's most popular weekly

Latest News

Fear and pessimism about the benefits of oil

Dec 28, 2016 Letters

Dear Editor,
With the public announcement in the local media that ExxonMobil is gearing up for oil production from Guyana’s first oil well by mid-2020, and that the company announced that it has awarded contracts to United States-based, SBM offshore for a floating production storage and offloading vessel, we trust Guyana economy and all Guyanese would directly benefit from this find when production starts.
Many of us locals had hoped and prayed that Guyana would become one of the first Third World nations that find, extract and sell oil on the world market that will allow its oil wealth to trickle down to the masses. History has shown us that trickle down is a rarity. Oil wealth is notorious for corrupting its host nation. We do hope and wonder how our national administrators will conduct themselves if and when the oil begins to flow? This is based on the traits shown by some greedy persons over the past years.
And we do hope also that those in authority will revise and update our antiquated laws regarding foreign multinational corporations. With the present laws we have, we are going to expose ourselves to be “ripped off” by any one, especially large multinational corporations. This is in light of our history of giving things away to foreigners.
Many locals may be very troubled by the differences in power and resources between Exxon Mobil and Guyana as this project moves forward; Guyana being at a distinct disadvantage. For the moment things look grim for Guyana. It’s hard up for cash and we fear agreements may be made that favour Exxon Mobil. A powerful nation like Russia had to capitulate. Just imagine little Guyana. Guyana verses Exxon Mobil is like David and Goliath all over but the result will be different. Our hopes are being lifted but we must be realistic and be prepared for the fall. Remember bauxite. Look at Nigeria whose oil is controlled by foreigners and large multinational corporations.
Rooplall Dudhnath

Similar Articles

The Glenn Lall Show|| April, 4th, 2025

Follow on Tik Tok @Glennlall

 

THE BLUNT OF THE DAY

Sports

‘One Guyana’ 3×3 Quest Basketball opens with local teams in mixed results

‘One Guyana’ 3×3 Quest Basketball opens with local teams in...

Apr 06, 2025

-Action concludes today Kaieteur Sports- In a historic occurrence for Guyana’s Basketball fraternity the ‘One Guyana’ 3×3 Quest opened yesterday, Saturday, morning at the Cliff...
Read More
GCA, East Coast surge to huge wins 

GCA, East Coast surge to huge wins 

Apr 06, 2025

GFF/Concacaf kick off two-day Match Commissioners Workshop to boost football operations in Guyana

GFF/Concacaf kick off two-day Match Commissioners...

Apr 06, 2025

Chase’s Academic outclass Bartica to move closer to 2025 title

Chase’s Academic outclass Bartica to move...

Apr 06, 2025

Three Miles Secondary make clean sweep of Jagan Windball cricket titles

Three Miles Secondary make clean sweep of Jagan...

Apr 06, 2025

National Chess champions off to Trinidad and Tobago

National Chess champions off to Trinidad and...

Apr 06, 2025

Features/Columnists

Publisher’s Note

Freedom of speech is our core value at Kaieteur News. If the letter/e-mail you sent was not published, and you believe that its contents were not libellous, let us know, please contact us by phone or email.

Feel free to send us your comments and/or criticisms.
Contact: 624-6456; 225-8452; 225-8458; 225-8463; 225-8465; 225-8473 or 225-8491.
Or by Email: [email protected] / [email protected]

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]