In a sign the vast offshore oil finds by ExxonMobil are bringing Guyana onto the world stage, in its 3 January issue, The Economist reported on the December government no confidence vote.
Georgetown, Guyana, 6, January, 2019 - The Economist is one of the most authoritative and respected news sources in the world, known for having a highly influential readership. Established in Britain in 1843 to campaign on one of the great political issues of the day, today it is known for its coverage of politics, business, and economic affairs. Its circulation is over 1.4 million, more than four-fifths of it outside Britain. The North American circulation accounts for over half of the total.
With increasing international interest in the country and its significant financial windfall, the government has likewise been spotlighted. On December 22nd President Granger’s People National Congress (PNC) lost a vote of no confidence, forcing presidential and legislative elections to be held within three months. The mainly Afro-Guyanese party, PNC, hopes to remain in office until the August 2020 elections. First oil production is planned early 2010.
Main rival Peoples Progressive Party (PPP), mainly supported by the Guyanese with Indian heritage, previously governed for 23 years. With the new vote, the PPP hopes to return to office after a four year break. The petro-cash has huge potential for the Guyanese and both parties hope to govern them to success through the oil bonanza. As of yet no date has been set for the election.
“Going forward, we can expect Guyana to be increasingly in the news worldwide, and I see this as a good thing,” said TOTALTEC CEO Lars Mangal. “We are the first country to develop oil from scratch in the age of the Internet, and through its many channels comes a transparency not seen before.” He continued, “We can expect much of the international reporting to be away from oil, on topics of environment, advancing society, and examining how this windfall is used.”
ExxonMobil plans production to be 750,000 barrels per day by 2025, placing Guyana the forefront of the oil industry. Worth $15 billion per annum at the current oil prices, it will quadruple the current GDP. Featured in top media companies, such as the New York Times and Foreign Policy, Guyana is now moving to the world stage.
Link to the Economist article: https://www.economist.com/the-americas/2019/01/05/oil-riches-raise-the-political-stakes-in-guyana
About TOTALTEC
TOTALTEC Oilfield Services is focused on the success of the emerging Guyana oil and gas industry for the benefit the country and its people, through three main areas: developing and placing talent, forming mutually beneficial relationships between local and international service companies, and developing and operating a safe, highly efficient supply base to support offshore operations. The 94% Guyanese TOTALTEC workforce includes 8 nationalities with over 160 years of international oilfield experience.
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