-country could be richest in the world, says outgoing U.S. Ambassador

OUTGOING U.S. Ambassador to Guyana Perry Holloway has said that Guyana’s Gross Domestic Product (GDP) could increase by 1000 per cent by 2025 with the advent of the oil-and-gas industry.

Guyana recorded a GDP of US$3.6 billion in 2017, a figure which translates to approximately US$4,900 per capita.
The ambassador said based on the calculations and oil finds of U.S. oil giant ExxonMobil, the economy could grow rapidly within the space of five years.
“Guyana could experience that level of growth by 2025…that would be about 300 years of growth,” said Holloway.

According to reports, Guyana is set to become a significant petroleum producer with proven reserves in excess of four billion barrels. The first phase of petroleum production is due to begin in 2020.
The country would not be just the richest country in the western hemisphere but, Ambassador Holloway believes that it could be the richest country in the world in per capita terms.

His advice to government is to spend the new-found riches on education, healthcare and creating a secure living and working environment for Guyanese.
ExxonMobil has made nine discoveries of oil offshore Guyana. The wells which were successfully drilled are Liza, Liza Deep, Payara, Snoek, Turbot, Ranger, Pacora, Longtail and Hammerhead.

Those previous discoveries led to the announcement of an estimated recoverable resource of more than four billion oil-equivalent barrels discovered to date; and the potential for up to five floating production, storage and offloading (FPSO) vessels producing more than 750,000 barrels per day by 2025.

The Stabroek Block, where the operations are ongoing, is 6.6 million acres (26,800 square kilometres).
ExxonMobil affiliate, Esso Exploration and Production Guyana Limited, is operator and holds 45 per cent interest in the Stabroek Block. Hess Guyana Exploration Ltd. holds 30 per cent interest and CNOOC Nexen Petroleum Guyana Limited holds 25 per cent interest.

Government had called on all stakeholders to act responsibly and patriotically as Guyana continues its thrust into this new sector and as news and events continue to unfold about the extent of the oil reserves offshore and the manifold opportunities and benefits for the Guyanese people.

Late in December 2017, the government released the full petroleum agreement with ExxonMobil at a high-level forum held at the Ministry of the Presidency. During presentation of the contract, it was disclosed that Guyana stands to gain some US$7B over a 20-year period from the LIZA Phase One well alone.