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#1 Jun 27, 2020 7:36 am

gripe
Active

Guyana's Oil Find: A Blessing or A Curse?

"Guyana has always been one of South America's poorest countries. But now that ExxonMobil has discovered a new oil field off the coast, the tiny nation could become one of the world's richest. But will it be a blessing or a curse?"

Read more, here: 

https://www.spiegel.de/international/wo … a253e11b34

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#2 Jul 12, 2020 5:26 pm

Calypso
Active

Re: Guyana's Oil Find: A Blessing or A Curse?

gripe wrote:

"Guyana has always been one of South America's poorest countries. But now that ExxonMobil has discovered a new oil field off the coast, the tiny nation could become one of the world's richest. But will it be a blessing or a curse?"

Read more, here: 

https://www.spiegel.de/international/wo … a253e11b34

Why isn't anyone taking this more seriously?? Slice, NH, RD wake up and smell the coffee!!!!!

Since Guyana is a part of CARICOM, will the other island benefit from this find? What is their investment power. Is Guyana going to be another Africa-- a land where the wealth is extracted by powerful white corporations and the blacks get nothing?

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#3 Jul 12, 2020 5:54 pm

houston
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Re: Guyana's Oil Find: A Blessing or A Curse?

Wake up Calypso, it's year 2020.
Powerful corporations are run by all sorts of people with different backgrounds.
I have trouble spelling or pronouncing the names of a lot of the senior levels that I report to.

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#4 Jul 12, 2020 6:15 pm

Calypso
Active

Re: Guyana's Oil Find: A Blessing or A Curse?

houston wrote:

Wake up Calypso, it's year 2020.
Powerful corporations are run by all sorts of people with different backgrounds.
I have trouble spelling or pronouncing the names of a lot of the senior levels that I report to.


What does this mean? Will they extract the wealth and put it in their greedy guts and leave the West Indies behind?? All islands in CARICOM should benefit from this find because they are working for the wealth of the region.

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#5 Jul 12, 2020 10:10 pm

gripe
Active

Re: Guyana's Oil Find: A Blessing or A Curse?

Calypso, I wondered where you were not having seen a post from you in a while.

Also, I, too, was a bit surprised that no one on this forum seemed to be interested in the story, posted since June 27th. (I fully understand that postings are not automatically entitled to get responses and some even have "0".)

Back to the story itself: Guyana, unfortunately, is not having an easy path having struck oil and trying to make the best of the opportunities that such a resource present. Hopefully, the "curse" that the article hinted at would not materialize but, instead, blessings will flow not only to Guyana but others within Caricom. To get to that point, however, proper management of the oil resource is needed and when the wealth becomes a reality its even distribution has to be the hallmark of that experience.

Guyana is properly warned and should be able to walk the right path using history as its guide.

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#6 Jul 12, 2020 10:34 pm

Calypso
Active

Re: Guyana's Oil Find: A Blessing or A Curse?

gripe wrote:

Calypso, I wondered where you were not having seen a post from you in a while.

Also, I, too, was a bit surprised that no one on this forum seemed to be interested in the story, posted since June 27th. (I fully understand that postings are not automatically entitled to get responses and some even have "0".)

Back to the story itself: Guyana, unfortunately, is not having an easy path having struck oil and trying to make the best of the opportunities that such a resource present. Hopefully, the "curse" that the article hinted at would not materialize but, instead, blessings will flow not only to Guyana but others within Caricom. To get to that point, however, proper management of the oil resource is needed and when the wealth becomes a reality its even distribution has to be the hallmark of that experience.

Guyana is properly warned and should be able to walk the right path using history as its guide.

Let us hope and see. Bauxite in the '70's-- Manley could not control it either. You are ignoring the fact that other islands will not benefit. We are a region--not a country. I have been fine. I booked to go to Malta. This situation is rather depressing and I might not go. How have you been??

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#7 Jul 12, 2020 11:05 pm

gripe
Active

Re: Guyana's Oil Find: A Blessing or A Curse?

I am fine, Calypso, trying my best to cope with the challenge that our entire world is facing currently. No trips planned as yet but I hope that you will be able to get to Malta sometime soon.

Regarding Guyana's oil, there are opportunities for other Caribbean countries to benefit. As early as 2017, Trinidadian businesses had their eyes on being involved: "The business community in Guyana was abuzz over the last two days as a 25-member trade delegation from neighbouring Trinidad & Tobago flocked to the country. The Trinidadians have been showing a keen interest in getting involved in Guyana’s emerging oil and gas industry and have been lobbying strongly for opportunities, including the chance to refine Guyana’s oil. While no final decision has yet been made by Guyana on an oil refinery, the Trinidadians are already looking at a multitude of other business opportunities." Source: https://oilnow.gy/featured/guyanese-bus … rtunities/

Trinidad's interests in Guyana's oil was made clear in this statement:"Former Trinidad and Tobago Minister of Energy Kevin Ramnarine says that his country must position itself to be the logistics hub for Guyana’s booming oil sector". Source: https://www.stabroeknews.com/2019/10/10 … il-sector/ That article also made it clear that Guyanese officials were being watchful of the situation: "Private Sector Commission (PSC) head Gerry Gouveia says that politicians here have to unite to give Guyanese the tools to provide diverse services or watch the opportunities snatched by other countries."

Jamaica has not been idle, either:

"A delegation of around 16 Jamaican companies will visit the South American country of Guyana this month in pursuit of mutually beneficial business opportunities between the CARICOM neighbours.

The visit by the Jamaican delegation to the region’s newest oil producing nation is being facilitated by the Georgetown Chamber of Commerce and Industry (GCCI), the oldest private sector representative organization in Guyana. It is set to take place January 26 – 31.

GCCI told its membership on Monday one of the objectives of the trade mission is to foster collaborative business relationships and to promote mutual growth and development opportunities for the Jamaican and Guyanese economies, through increased trade and commerce."
Source: https://oilnow.gy/featured/jamaican-tra … his-month/

So, Calypso, let's see how helpful the other Caricom countries can be in trying to assist Guyana with its oil and thereby gaining some benefits as well. The more effective the help, the more benefits to Guyana's Caricom partners. (Separately, but of equal concern, is that Guyana has to get past the headaches caused by its election nightmare. They need a legitimate government to function including for oil production.)

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#8 Jul 12, 2020 11:12 pm

Calypso
Active

Re: Guyana's Oil Find: A Blessing or A Curse?

gripe wrote:

I am fine, Calypso, trying my best to cope with the challenge that our entire world is facing currently. No trips planned as yet but I hope that you will be able to get to Malta sometime soon.

Regarding Guyana's oil, there are opportunities for other Caribbean countries to benefit. As early as 2017, Trinidadian businesses had their eyes on being involved: "The business community in Guyana was abuzz over the last two days as a 25-member trade delegation from neighbouring Trinidad & Tobago flocked to the country. The Trinidadians have been showing a keen interest in getting involved in Guyana’s emerging oil and gas industry and have been lobbying strongly for opportunities, including the chance to refine Guyana’s oil. While no final decision has yet been made by Guyana on an oil refinery, the Trinidadians are already looking at a multitude of other business opportunities." Source: https://oilnow.gy/featured/guyanese-bus … rtunities/

Trinidad's interests in Guyana's oil was made clear in this statement:"Former Trinidad and Tobago Minister of Energy Kevin Ramnarine says that his country must position itself to be the logistics hub for Guyana’s booming oil sector". Source: https://www.stabroeknews.com/2019/10/10 … il-sector/ That article also made it clear that Guyanese officials were being watchful of the situation: "Private Sector Commission (PSC) head Gerry Gouveia says that politicians here have to unite to give Guyanese the tools to provide diverse services or watch the opportunities snatched by other countries."

Jamaica has not been idle, either:

"A delegation of around 16 Jamaican companies will visit the South American country of Guyana this month in pursuit of mutually beneficial business opportunities between the CARICOM neighbours.

The visit by the Jamaican delegation to the region’s newest oil producing nation is being facilitated by the Georgetown Chamber of Commerce and Industry (GCCI), the oldest private sector representative organization in Guyana. It is set to take place January 26 – 31.

GCCI told its membership on Monday one of the objectives of the trade mission is to foster collaborative business relationships and to promote mutual growth and development opportunities for the Jamaican and Guyanese economies, through increased trade and commerce."
Source: https://oilnow.gy/featured/jamaican-tra … his-month/

So, Calypso, let's see how helpful the other Caricom countries can be in trying to assist Guyana with its oil and thereby gaining some benefits as well. The more effective the help, the more benefits to Guyana's Caricom partners. (Separately, but of equal concern, is that Guyana has to get past the headaches caused by its election nightmare. They need a legitimate government to function including for oil production.)

But it is a very bad start and shows division already. The region like Africa does not have the business acumen, work force to sustain such a project.  We need more advice from a good private sector company in Nigeria to get us get the best out of this discovery.

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#9 Jul 12, 2020 11:39 pm

gripe
Active

Re: Guyana's Oil Find: A Blessing or A Curse?

Your suggestion is reasonable and it is possible that the Guyanese authorities have been presented with that option to be combined with the assistance that Caricom partners are prepared to provide. Let's monitor progress -- as opposed to more headaches -- going forward.

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#10 Jul 13, 2020 9:33 am

Expat
Active

Re: Guyana's Oil Find: A Blessing or A Curse?

OK, So Guyana is about top have a windfall. So where is the buzz about Grenada's swimming pool of oil? Like that done?

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