5th of January, 2022. Georgetown, Guyana, South AmericaLast updated: January 6, 2022 at 10:30 am
Business is booming in the English-speaking country of Guyana, South America with Exxon Mobil announcing two more oil finds, and with over US$600,000,000 in oil revenues accumulated in a US Bank and untouched so far. These two new oil discoveries at Fangtooth-1 and Lau Lau-1 in the Stabroek block offshore Guyana will add to Guyana’s already existing 10 billion barrels of proven oil reserves while exploration for hydrocarbons are still ongoing and even more discoveries are likely.
How the Guyana Government utilizes the existing oil revenues will largely influence the quality of life and future of the people of Guyana, but the euphoria attached to Guyana’s oil industry has largely subsided, and the general population’s excitement and expectation over oil finds have dwindled over the past few months.
Many Guyanese are worried that only a handful of elite business people will benefit from Guyana’s oil wealth while the vast majority of Guyanese will remain poor and struggling. Further, a measly 7% increase of the minimum wage to combat an estimated 30% increase in cost of living and a spike in inflation didn’t do much to convince the population that the government has the best interest of the people at heart.
On the 29th of December, 2021, the long-awaited Natural Resources Fund Bill enacted by the PPP/C government, which replaces an alleged illegal bill enacted by the former APNU/AFC government, was passed in the National Assembly of Guyana, South America. Vice President, Bharrat Jagdeo, upon taking office, had said that his government will not touch Guyana’s oil revenue until the new bill was passed. Now that the NRF bill No. 21 of 2021 has become law, the people of Guyana are anxiously awaiting the Government’s next move in putting the oil revenues to work for the country.