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Guyana Emerges as Global Leader in Per Capita Oil Reserves

International Monetary Fund Highlights Guyana’s Strategic Position with Over 11 Billion Barrels of Oil, Paving the Way for Unprecedented Economic Growth

Guyana Emerges as Global Leader in Per Capita Oil Reserves

The International Monetary Fund (IMF) has emphasized the significant position of Guyana among countries with the highest oil reserves per capita in the world. The country presents promising economic prospects compared to its historical trajectory.

The commercially recoverable oil reserves in Guyana now exceed 11 billion barrels, ranking the country third in Latin America and the Caribbean, making it a global leader in per capita oil reserves. Guyana surpasses established oil-producing nations such as Saudi Arabia, Norway, and Qatar, trailing only behind Kuwait—a remarkable achievement considering its first commercial oil discovery was only made in 2015.

The accumulation of 11 billion oil-equivalent barrels results from the sustained success of ExxonMobil in offshore exploration within the Stabroek Block. The expected growth in oil production to over one million barrels per day by 2027 is imminent with the upcoming launch of three approved projects: Payara, Yellowtail, and Uaru.

In an evaluation comparing the present value of reserves to the gross domestic product (GDP) of key oil producers in 2021, Guyana holds the ninth position, surpassing countries like Qatar, Oman, and Algeria but trailing behind leading nations such as Iraq, Kuwait, Saudi Arabia, and others.

While Guyana ranks 17th globally in proven oil reserves, its reserves per capita are substantial compared to countries like Kuwait, which has a significantly smaller population of less than 800,000 inhabitants, as opposed to Guyana’s 4.8 million.

The IMF predicts that Guyana’s reserves can last for over forty years, providing an opportunity to build substantial budgetary and external buffers, address infrastructure gaps, and meet human development needs.

“The government plans to use oil revenues to strengthen non-oil economic growth, emphasizing initiatives such as investing in human capital, improving access to energy, reducing energy costs, expanding transportation infrastructure (including a highway to Brazil, bridges to neighboring countries, and deepwater ports), enhancing resilience against natural disasters and climate change, and bolstering value-added exports in sectors like the agricultural industry,” emphasizes the report.

This robust oil wealth has the potential to significantly transform Guyana’s economic landscape, facilitating comprehensive long-term development and sustainability.

Source: https://www.starnieuws.com/index.php/welcome/index/nieuwsitem/78860

Date: 12 december 2023

Categories:  Guyana 

Tags:  ExxonMobil, Guyana, Infrastructure, International Monetary Fund, Latin America, Oil Production, Qatar, Saudi Arabia, Stabroek Block 

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