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Guyana will produce 390,000 barrels per day by 2023.

Guyana is a small South American country of about 800,000 people. Economic development Fastest worldwide. According to the data of International Monetary FundThis nation will have a huge expansion Gross domestic product (GDP) and this scenario will repeat itself in the next 5 years.

Guyana will grow by 37.2% by 2023 And after registering a 62.3% increase in 2022, it will be the country with the largest increase in the world. Next year the South American country will expand by 45.3% and outpace other countries.

This incentive is mainly due to the advantages of its manufacturing sector and Export of oil. Investments in housing, transport and increase in human capital influenced these results. It should be noted that the country’s GDP will increase by more than 100% between now and 2028..

Experts from the International Monetary Fund predict “explosive” growth in Guyana this year. Photo: AFP

Andrew TrahanAt the risk of the leader of the Latin American country Broad Market Index (BMI), expects Guyana’s real GDP to expand by 115% in the coming years.

Additionally, BMI also expects oil production in Guyana to rise from 390,000 barrels per day this year to one million in 2027..

That means it can produce more barrels per day than its entire population. It opens up new offshore fields as a consortium led by ExxonMobil.

“Guyana’s strong growth has been and will continue to be driven by the rapid expansion of oil production following a series of discoveries in recent years,” Trahan added.

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Ships carrying supplies to an offshore oil platform operated by ExxonMobil. Photo: Maersk site

The place went from being one of the worst performing areas in the region to having the largest economic expansion in the world. The change occurred after the oil exploration and exploitation program began in 2015.

In 2020, the country grew by 43.5% and, in 2021, by 20.1%; According to IMF data. For its part, the country’s GDP per capita at purchasing power parity stands at US$60,648, ranking 24th in the world.

ExxonMobil’s discovery from a deep zone in Guyana resulted in little oil

Exxon MobilThe largest US oil company has announced that it has withdrawn its mission to explore the Kaitoor block in deep waters off Guyana.

“Our withdrawal from the Kieteur block will have no impact on our commitment to pursue our exploration and development opportunities and create additional value for the government and people of Guyana,” Exxon said in a statement.

ExxonMobil withdraws from deep zone after small oil discovery in Guyana Photo: www.worldenergytrade.pe

At a time when oil and gas explorers are focusing more on the Stabroek block, as Exxon explained, the decision was made due to the company’s unsatisfactory exploration results in the area.

Venezuela reiterates its commitment to protect disputed territory with Guyana

Venezuela’s Bolivarian National Armed Forces (FANB) this Thursday reaffirmed its commitment to protect 160,000 square kilometers of land west of the Essequibo River. “Try building a military base.”

The Venezuelan government will consult citizens on possible ways to definitively recover the 160,000 square kilometers of Essequibo that are in dispute with Guyana. Photo: Central Suriname

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“The FANB strongly affirms its commitment to the people in defending the historic right to Essequibo. We Bolivarian soldiers will remain steadfast in the face of any pretense and aggression that undermines peace,” the military said. Company at X (formerly Twitter).

What language is spoken in Guyana?

Guyana It is bordered by a South American country Venezuela, Brazil and Suriname. Being a colony its official language is English United Kingdom until its independence in 1966, but tribal minorities also speak some Carib languages.

With information from EFE.

Guyana has one of the highest migration rates in the world

The Cooperative Republic of Guyana It has a population of around 804,567, 90% of whom live in the territory’s coastal plains and 72% are considered rural. The country has one of the highest migration rates in the world, with 55% of its citizens living abroad. In the rural interior, 73.5% of the population was classified as poor, while in coastal areas the index affected 37%.

Impact of Guyana’s Great Development on Latin America

He Guyana’s fastest growing economy This will affect not only Guyanese but also neighboring countries. Faced with increasing labor demand, citizens from all regions Latin America They may migrate to the area for work.

Venezuelan economist Luis Oliveros, an oil expert, explained to DW that “Guyana has an enormous challenge not to make the same mistakes that Venezuela made in 100 years, especially in the last 24 years.”

Guyana’s development has a positive impact on Latin America. Photo: Ranu Abelag/AFP

For his part, the Managing Director Totaltec Oilfield Services Limited Inside GuyanaHe said foreign interest in the country’s natural resources is increasing. creating jobs to departments Constructionprojects Engineering or development of the field Doctor. According to the expert, the country has the potential to become a strong and serious actor in the region, capable of supporting not only countries. CaribbeanBut connecting with countries like MexicoCountries Central America And maybe, in the future, too Venezuela“.

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