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‘Oil-Dorado’ called Guyana
Dec 18, 2020 Front Page Comment, News
Kaieteur News – Like Exxon, Guyana is banking on the earnings from its existing and projected oil finds. However, Exxon is going to gain billions more than it sunk into its field development plans in search for productive oil wells. That is guaranteed. The company is sitting on an Oil-Dorado called Guyana. What is far from assured is what Guyana will earn for the large sums needed to fix its Petroleum Bill and draft Local Content Policy.
If the billions borrowed from the Inter-American Development Bank (IDB) – US$34M at the last count – are spent sensibly, then Guyanese have a slim chance of reaping enduring prosperity. If we get an authoritative and comprehensive Petroleum Bill and a robust Local Content Policy and Local Content Law, then it stands a chance at improving its present disadvantageous position.
But this will only materialize if it spends the present sums prudently and our politicians do not help themselves to some of the loans and oil monies.
The many “ifs and buts” remind us that the public has little trust in our political leaders when it comes to negotiating about oil. This is all the more reason why Guyanese should remain vigilant and become more outspoken, even to the point of calling on our political leaders to stand for us or move aside.
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