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Revenues from Exxon’s production are funding development
Dear Editor,
Kaieteur News – Thank you for your news item keeping the population updated on fossil energy development that “a fourth Exxon oil vessel will commence oil production next week” (Aug 2). As in all previous production vessels, this one also starts earlier than expected.
Production of first oil and by extension income or revenues (from all the vessels) started earlier than expected. The country has been raking in huge amounts of revenues from oil. In addition to income from oil, revenues will be earned from gas production sometime next year – with gas to energy and subsequently selling bulk gas and perhaps bottling same for domestic use, making cooking gas cheaper.
There is a small number of Guyanese who feel the country would be or will be better off leaving the oil and gas under the ocean floor. That is not a wise position. This and the previous (coalition) government made the right decision to support and encourage oil discovery and production. And KN wisely does not support such a position of a narrow minority who wanted to leave the oil below surface. No country that discovered oil or gas has left it undeveloped.
Guyana has benefited enormously since first oil almost six years ago. The revenues have helped with infrastructural development and improvement in health care as well education and in all aspects of life. Pensioners and those on fixed income and NIS recipients as well as those receiving other forms of social security (child grant, school grant, national adult grant, disability grant, etc.) have seen an increase in payments. These increments have led to improvements in quality of life and in standard of living that would not have been possible without oil production.
The current level of production at 650K bpd is expected to reach 900K by end of the month. And sometime late next year, the country could reach a million BPD. In addition, gas will become commercialized. The revenues are unimaginable just a few years ago, all because of oil and gas. The revenues will continue to grow the economy and leapfrog the country into another stage of development from fourth and third world.
Yours truly,
Vishnu Bisram
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