Latest update January 28th, 2025 12:59 AM

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

Latest News

Guyana’s oil sector grabs 64% of Caribbean foreign investments in 2023 – ELCAC

Aug 13, 2024 News

Kaieteur News – The Economic Commission for Latin America and the Caribbean (ECLAC) recently released a report highlighting the significant role Guyana’s oil sector has played in boosting Foreign Direct Investment (FDI) across the Caribbean.

According to the report, Guyana accounted for a remarkable 64% of FDI inflows in the Caribbean, largely driven by its burgeoning oil industry. The ECLAC report provides a detailed overview of FDI trends in Latin America and the Caribbean, noting that while some of the region’s largest economies, such as Brazil and Mexico, saw substantial declines in FDI inflows—down by 14% and 23% respectively—Guyana experienced a dramatic increase.

In 2023, FDI inflows to Guyana surged by 63.8%, reaching an impressive US$7.198 billion. This increase is primarily attributed to the rapid expansion of the country’s oil sector, which has attracted significant foreign investment since Guyana emerged as a new oil producer in the region. Overall, the Caribbean saw a 27.6% increase in FDI in 2023 compared to the previous year. Alongside Guyana, the Dominican Republic also contributed to this growth, with FDI inflows rising by 7.1%.

ExxonMobil Guyana Limited (EMGL) and its partners in the Stabroek Block discovered oil offshore Guyana back in 2015 and by December 2019, started producing oil.

Exxon is currently producing over 600,000 barrels per day (bpd) from just three projects in the Stabroek Block (Liza Phase 1, Liza Phase 2 and Payara). Currently, the block’s partners plan for the combined production capacity to reach approximately 1.3 million b/d by the end of 2027, with plans to develop three additional projects: Yellowtail, Uaru, and Whiptail.

Similar Articles

The Glenn Lall Show | January, 24th, 2025

Follow on Tik Tok @Glennlall

 

THE BLUNT OF THE DAY

Sports

Tennis Association applauds historic GYD $8 billion allocation to the sports sector in the 2025 National Budget

Tennis Association applauds historic GYD $8 billion allocation to the...

Jan 28, 2025

Kaieteur Sports – The Guyana Tennis Association (GTA) commends the Government of Guyana (GOG) for its significant increase in funding to the sports sector in the 2025 National budget. This...
Read More
Squash Association notes significance of Government Sports Budget Allocation 2025

Squash Association notes significance of...

Jan 28, 2025

Pepsi Hikers and GBTI GCC win Bounty/Antonio’s Grill Hockey Tourney

Pepsi Hikers and GBTI GCC win Bounty/Antonio’s...

Jan 28, 2025

GYMMAF president lauds Transformative G$8 billion Sports Budget

GYMMAF president lauds Transformative G$8 billion...

Jan 28, 2025

GOA says 2025 Sports Budget allocation demonstrates government commitment to sports sector

GOA says 2025 Sports Budget allocation...

Jan 28, 2025

Foreign Link Darts Club hosts successful Inaugural Tournament

Foreign Link Darts Club hosts successful...

Jan 28, 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 […]