hopefully the Guyanese government is smart enough to negotiate in their country best interest when dealing with these huge oil companies.
In reply to Headley
I would like to say Angola's first curse was diamonds. That became the main way the rebels financed their part of the civil war and even bought MiG bombers with the money they made on the black market to big buyers. They still poor but you cannot deny that oil money has at least helped
In reply to Headley
The future for fossil fuel is dim.
In reply to Jumpstart
Thee are good examples of countries who managed new found wealth from oil very successfully, Norway and Kuwait come to mind.
Maybe Guyana should be running courses on how to pattern Denmark and Kuwait.
In reply to XFactor
Agreed but not next year.
In reply to Headley
The wisest thing for the Guyanese to do would be to invest that money into long term development that can return a solid penny.
Like agriculture, tourism etc
We need deep water ports, access to all that agricultural land, cheap power
In reply to steveo
I understand that Kuwait 'lives off' the income (dividends) from oil revenues invested.
In reply to Headley
In reply to Jumpstart
A half Goan Angolan tells me that Angolan Diamonds find their way to India regularly.He mentioned the name of an Indian Billionaire Vijay Mallaya whe buys from Angolans.
In reply to steveo
Link Text
In reply to Headley
Different culture.........the arabs and the Norwegians are ancient cultures with an uninterrupted history of a couple thousand years. Hence persons for the most part are on the same page. Trinidad also did very well with our oil and gas wealth. free education, free healthcare(which is slow but still used by the majority of the populace), the most dynamic financial system in the independent Caribbean(exemplified by republic's buyout of Scotia's Caribbean shares) the cheapest electricity rates in the western hemisphere(a two edged sword because trinis now accustomed to the freeness). And we are still the most Ungovernable country in the Caribbean. Because we are a created society. Plurality without unity which is what characterizes the Caribbean states according to Kamau Brathwaite's Creole Society. They have a golden opportunity though
In reply to Headley With a socishitist mindset, the Land of Many Waters will follow Venezuela, Nigeria, Angola, etc. Tek wha mih seh. Done.
In reply to StumpCam
Saw this article, not an expert in the refinery business though
In reply to steveo
Neither am I.... only reference it for the idea of not relying on oil solely, but using it as a means of diversifying the economy!
Lock up the oil revenues (hide it from the politicians) in long term annuities with varying maturity dates always greater than seven years apart.
Live off the dividends.
Avoid subsidies, copy the Alaskan model - Every adult is entitled to a yearly lump sum.
In reply to Headley
Casper’s biggest concern is less what the potential oil wealth and it’s benefits could do for the people of Guyana, but rather, would it help to drive ethnic and social cohesion, or cause division, as parties aim for power and control of such wealth.
One of the false narratives I've heard over the years is once you have oil you will be walthy or become wealthy nation. This is not true, Nigeria has large oil reserves and their economic situation has been dire for years. There other factors involve that people overlook. Is the country in debt to the other nations and the IMF? how about mismanagement of funds by past and current governments? how about corruption and nepotism?
In reply to problemjay
Yawnnn, juvenile
In reply to problemjay
Problemjay, Nigeria is huge compared to Guyana.
More resources and less people = greater wealth.
Buh Wdmc allyuh done countin an spenin de morney arredi ?
In reply to black
That sub million population can be a big winner right there..
But don't count all the eggs before they hatch,Exxon like to eat and run..
Guyana got to incubate,align and facilitate other sectors for this to really work,don't let dem bright eyed Texans bamboozle allyuh because if you not careful on the final tally others will benefit more..sub-contractors etc..
Show me the oil. I'll await the first barrel to reach the market then I will say .... yeah!!!
Until then hold alyuh horses
In reply to black
