The Richest Nation In The World?

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link Headley Joined: Dec 1, 2007
Posts: 8863
5/12/19, 10:42:44 PM 
So, the world’s new hot spot could either turn into a new Norway or a new Venezuela, Nigeria, Angola, and a host of other countries for whom oil turned from a blessing into a curse. It seems only time will tell which example the country will follow.


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link problemjay Joined: Aug 3, 2014
Posts: 8277
5/14/19, 11:10:43 AM 
hopefully the Guyanese government is smart enough to negotiate in their country best interest when dealing with these huge oil companies.

link Jumpstart Joined: Nov 29, 2017
Posts: 1019
5/14/19, 11:40:58 AM 
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

link XFactor Joined: Nov 4, 2005
Posts: 4442
5/14/19, 2:07:36 PM 
In reply to Headley

The future for fossil fuel is dim.

link Headley Joined: Dec 1, 2007
Posts: 8863
5/14/19, 2:19:52 PM 
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.

link Headley Joined: Dec 1, 2007
Posts: 8863
5/14/19, 2:20:20 PM 
In reply to XFactor

Agreed but not next year.

link steveo Joined: Apr 30, 2007
Posts: 4660
5/14/19, 2:44:51 PM 
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

link Headley Joined: Dec 1, 2007
Posts: 8863
5/14/19, 3:09:40 PM 
In reply to steveo

I understand that Kuwait 'lives off' the income (dividends) from oil revenues invested.

link steveo Joined: Apr 30, 2007
Posts: 4660
5/14/19, 3:15:31 PM 
In reply to Headley

I understand that Kuwait 'lives off' the income (dividends) from oil revenues invested.


Interesting

link granite Joined: Oct 31, 2013
Posts: 8426
5/14/19, 3:20:44 PM 
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.

link StumpCam Joined: Dec 31, 2003
Posts: 5784
5/14/19, 3:35:44 PM 
In reply to steveo

Link Text

link Jumpstart Joined: Nov 29, 2017
Posts: 1019
5/14/19, 3:52:00 PM 
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

link BeatDball Joined: Jul 19, 2014
Posts: 8044
5/14/19, 6:51:53 PM 
In reply to Headley With a socishitist mindset, the Land of Many Waters will follow Venezuela, Nigeria, Angola, etc. Tek wha mih seh. Done.

sad cry

link steveo Joined: Apr 30, 2007
Posts: 4660
5/14/19, 7:00:00 PM 
In reply to StumpCam

Saw this article, not an expert in the refinery business though

link StumpCam Joined: Dec 31, 2003
Posts: 5784
5/14/19, 7:15:42 PM 
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!

link Headley Joined: Dec 1, 2007
Posts: 8863
5/14/19, 10:41:32 PM 
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.

link Dan_De_Lyan Joined: Jun 2, 2008
Posts: 10227
5/14/19, 11:33:21 PM 
In reply to Headley

Every adult is entitled to a yearly lump sum.


i have all my paper work ready smile

link Casper Joined: Nov 8, 2018
Posts: 1148
5/14/19, 11:59:23 PM 
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.

link problemjay Joined: Aug 3, 2014
Posts: 8277
5/15/19, 10:58:16 AM 
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?

link Runs Joined: Jan 3, 2003
Posts: 52602
5/15/19, 12:22:30 PM 
avatar image
In reply to problemjay

Yawnnn, juvenile

link black Joined: Feb 27, 2004
Posts: 33183
5/15/19, 12:30:19 PM 
In reply to problemjay

Problemjay, Nigeria is huge compared to Guyana.

More resources and less people = greater wealth.

link bravos Joined: Oct 13, 2009
Posts: 37362
5/15/19, 1:57:08 PM 
Buh Wdmc allyuh done countin an spenin de morney arredi ?

link bravos Joined: Oct 13, 2009
Posts: 37362
5/15/19, 1:57:47 PM 
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..

link Kay Joined: Jan 31, 2015
Posts: 6098
5/15/19, 2:02:52 PM 
Show me the oil. I'll await the first barrel to reach the market then I will say .... yeah!!!

Until then hold alyuh horses smile

link problemjay Joined: Aug 3, 2014
Posts: 8277
5/15/19, 4:46:58 PM 
In reply to black

Problemjay, Nigeria is huge compared to Guyana.

More resources and less people = greater wealth.


You are a simpleton. Nigeria producing thousands of barrels of oil, a lot more than Guyana will produce. So factor this in when thinking about population size. Also think about Guyana's debt to IMF and other factors involved. Ten years from now you will asking where did the oil money go because Guyana still the same? and this is because you stil don't understand the full scope of what is at the stake

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