Guyana poised to become ‘new Qatar’ of CARICOM?

Guyana’s national flag (Photo: Wikipedia)

There are predictions being made in energy circles that Guyana’s economy will take off like a rocket, due to findings of huge deposits of hydrocarbons offshore the CARICOM state.

Many pundits have even labelled the country as the “New Qatar”, according to an article titled “Guyana poised to be the ‘new Qatar’ – AMI Snr Director” published on August 30, by OilNow, an online-based Information and Resource Centre which serves Guyanese stakeholders within the oil and gas sector.

The Floating, Production, Storage and Offloading (FPSO) vessel (Photo: ExxonMobil)

According to OilNow, some specialists, like Americas Market Intelligence’s (AMI) Senior Director, Remi Piet have forecasted that Guyana will go “from underdevelopment to an extreme level of positive economic growth.”

Could Georgetown, Guyana become the Caribbean’s Doha? (Photo: South China Morning Post)

The publication said Piet who was speaking with Investing News Network (INN), recently attributed the imminent growth to the discoveries by American multinational oil and gas corporation ExxonMobil and noted that by 2021, the Guyanese Government will be “able to re-invest very large amounts of royalties and taxation from production of oil in the country”.

Oil Now, an online-based Information and Resource Centre for stakeholders in Guyana (Photo contributed)

Nevertheless, Piet said there were existing gaps including a lack of capacity, and “the existing political instability in the country – a result of imminent Regional and General Elections triggered by a no-confidence vote, which were matters of concern.”

Sections of Guyana’s capital, Georgetown (Photo: Nations Online Project)

“He observed that the scale of commercial production in Guyana, coupled with the level of revenues to be injected in the economy was, ‘not foreseen and domestic institutions are not ready for such a big change in terms of the development of its economic path’,” the OilNow article stated.