Latest update April 1st, 2025 5:37 PM
‘Guyana is one of the most exciting places to be’ – Rubio
…says the U.S. wants to be the country’s partner for transformation for generations to come
Kaieteur News- United States Secretary of State Marco Rubio has described Guyana as one of the most exciting places in the world, outlining Guyana’s unique opportunity to undergo transformative change.
Secretary Rubio made these remarks during a press conference at State House in Georgetown on Thursday, where he reaffirmed the United States commitment to supporting Guyana’s development and be part of the country’s transformation.
United States Secretary of State, Marco Rubio
“I think and to the people of Guyana, thank you for welcoming us. I hope you fully appreciate and understand this is one of the most exciting places in the world to be right now, because you have the opportunity, at this moment, to transform this country for generations, and we want to be your partner. We want to be your partner in making that possible. We think it’s of mutual benefit to see that happen,” Rubio stated.
In his address, the Secretary of State, who has been in office for just nine weeks, said that while many nations are focused on stabilization or incremental progress, Guyana is poised for a complete transformation. “This country has an opportunity to transform. And that’s rare in the history of nations, to have an opportunity for transformative change. And what I mean by transformative change is not simply oil and gas fields. And that’s very important – natural resources are critical but that is just the basic ingredient that allows prosperity to happen,” Rubio explained.
He highlighted Guyana’s potential in multiple sectors beyond oil and gas, including technology, agriculture, and ecotourism. Rubio pointed out that with reliable and affordable energy, Guyana could position itself as a major player in the global digital economy, including artificial intelligence and data centers. He also acknowledged the need for security and stability to protect the country’s growing prosperity.
Rubio’s comment comes at a time when American oil giant ExxonMobil operates the oil-rich Stabroek Block. Since oil production began in December 2019, Guyana’s economy has expanded significantly. An upcoming arbitration case between ExxonMobil and Hess, a U.S. company holding a 30% stake in the Stabroek Block, is also on the horizon. Hess has agreed to a US$53 billion merger with American oil major Chevron, which would see Chevron acquiring Hess’ stake in the block, estimated to hold 11.6 billion barrels of oil.
However, Exxon and CNOOC, another partner in the block, are challenging the merger, asserting their rights to first refusal over Hess’ shares.
The agreement governing the Stabroek Block provides oil companies with significant tax exemptions, allows for 75% cost recovery, and splits the remaining 25% of revenue equally between Guyana and the oil operators and Guyana receives 2% royalty on its resources.
The terms of the deal which was signed by the previous administration has faced heavy criticism for favoring oil companies more than the country. While calls for renegotiation have persisted, the Irfaan Ali administration has defended its decision to uphold the agreement, citing the sanctity of contracts.
(‘Guyana is one of the most exciting places to be’ – Rubio)
Similar Articles
THE BLUNT OF THE DAY
Sports
Features/Columnists
Freedom of Information is a myth
Peeping Tom… Kaieteur News- I once thought Freedom of Information meant you could, well, access information freely.... more
The U.S. “Joining” the Commonwealth: an unreasonable expectation
By Sir Ronald Sanders Kaieteur News- Recent media stories have suggested that King Charles III could “invite” the United... more
Weekend Cartoon
