3/25/2020 BLOOMBERG PAINTS GLOOMY ECONOMIC PICTURE OF GUYANA – Kaieteur News

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– says country’s future as world’s fastest-growing economy dims

Kevin Crowley and Peter Millard

(Bloomberg) — When Exxon Mobil Corp. came to Guyana, the U.S. oil giant brought with it the
promise of extraordinary economic growth. Now the tiny South American country is embroiled in a
bitter battle over who might control that wealth just as the crude starts to flow.
In November, the International Monetary Fund
gave Guyana the nod as the world’s fastest
growing economy on the strength of Exxon’s oil
finds. Since then, a fight for political control has
led to a disputed election that’s spurring calls for
international sanctions as a price rout subverts the Sports
nascent oil boom and a killer virus settles in.
Together, the three events are spurring rising
concern over the future of both Guyana and Exxon
within a nation politically split along sharp racial
lines. The danger: With the government’s
legitimacy at issue, Guyana risks limiting its oil
riches and becoming another Venezuela, a neighboring country that’s an economic and humanitarian
disaster zone.
“This is the first step of the oil curse,” said Schreiner Parker, the vice president for Latin America at
consultant Rystad Energy, citing the political clash. ”The first thing that you can do wrong has been
done wrong.” What cricket means to West Indians
President David Granger is accused of miscounting votes to stay in office and fighting a recount  Mar 25, 2020
even after the U.S. and regional groups said the March 2 vote was flawed. Diplomats from the U.S., By Sean Devers Presently just the thought of West
European Union, U.K. and Canada recently quit an attempted recount, saying the process wasn’t Indies cricket can take one into deep depression.
credible. Administrators, who only serve their own agendas,
They warned in a joint statement that Guyana, a nation with fewer people than Columbus, Ohio, risks players, most of whom seem only motivated by...
“isolation” from the international community as a result. “The individuals who seek to benefit from
electoral fraud and form illegitimate regimes will be subject to a series of consequences from the Read More
United States,” U.S. Secretary of State Mike Pompeo said on March 17.
SANCTIONS PUSH Fruta Coquerors FC pays
A spokesman for Granger said there is “no evidence” of fraud in the election, and that recount was tribute to former GBC...
 Mar 25, 2020
blocked by the courts not the president. But Granger’s challenger, Bharrat Jagdeo, said his
supporters won’t recognize Granger as president, “and we will not participate in the parliament.”
Instead, they will work with the international community and push for sanctions.
“Just when we thought we were moving forward as a country, this happens and taints us for years.”
Former GuyanaNRA
Jagdeo said in a telephone interview. Exco Member Claude
Exxon, meanwhile, continues to see Guyana as its golden ticket in tough times, with billions of ‘Alfy’...
barrels of oil at play.  Mar 25, 2020
The company is accelerating drilling at a cost that remains profitable even after the biggest price
crash since the 1980s, and its partner, New York-based Hess Corp., said in January it expected to
sell its first cargo of oil from Guyana this month. Output from the project will escalate in coming Sealy unbeaten half
months to 120,000 barrels a day, while Exxon has forecast it will produce at least 750,000 barrels a century guides Barbina
day by 2025. X1 to...
 Mar 25, 2020
“We are invested in a long-term, mutually beneficial relationship with the people of Guyana,” Exxon
said in an emailed statement.
The sheer size of the oil reserves — pegged at around 8 billion barrels — suggests that Guyana’s

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3/25/2020 BLOOMBERG PAINTS GLOOMY ECONOMIC PICTURE OF GUYANA – Kaieteur News
annual gross domestic product, now sitting at about $4 billion, will expand to about $15 billion by V and V All stars
2024, according to IMF estimates. This at a time when the average income in Guyana is just $385 a crowned Malvern SC T20
month. champs
 Mar 24, 2020
It’s a level of newfound wealth that’s served to widen the split between Granger’s People’s National
Congress and Jagdeo’s People’s Progressive Party.
“People are suspicious and fed up on both sides,” said Nicholas Deygoo, president of the Chamber
Julian Moore following in
of Commerce, speaking by telephone from Georgetown, the country’s capital.
footsteps of Dad Feels...
Gavin Singh, a Guyana-based investment banker, said the people he talks with are both “scared and  Mar 24, 2020
concerned.” The Guyanese are “a resilient people,” he added. “We’ve been through hard times
before. As much as people are concerned, they’re also hopeful. They just want this to be over with,
whatever the outcome.”
Guyana — with about 780,000 people — is Exxon’s second-biggest growth project after the Permian
Basin in the U.S., and the first group of offshore wells are profitable even after the biggest price rout Features/Columnists
since the 1980s, according to energy consultancy Wood Mackenzie Ltd. While Exxon was one of the
first oil majors to announce spending cuts in response to the price crash, including in the Permian, its Claudette Singh paid for my
Guyana operation is expected to keep moving forward.
groceries and I was convinced
Share this: This analysis traces the origin of the

          plan by the PNC to rely on GECOM to

see it through the travails of the 2020
national... more

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Something is not being said
Lopsided contract between Bloomberg places spotlight Guyana ranked ‘fastest Scientists either don’t know enough or
Guyana, Exxon catches on Guyana’s unpreparedness growing economy in the they are not telling the public
Bloomberg attention for oil wealth world’ everything about the COVID 19
April 10, 2018 August 14, 2019 June 29, 2019 coronavirus. The... more
In "ExxonMobil" In "News" In "News"

Guyana: future leader or outcast?

Guyana is in grave danger of being

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