Guyana found huge oil reserves 10 years ago, so why are most people still poor?
With a ‘one-sided’ deal handing vast profits to the world’s top oil firms, many Guyanese ask when the energy bonanza will benefit them
On 18 July, the International Chamber of Commerce approved the attempt by the US energy multinational Chevron to replace Hess Oil as a stakeholder in one of the world’s largest offshore oilfields, Guyana’s Stabroek, as part of its $55bn (£41bn) acquisition of the smaller company.
Yet, as Chevron executives celebrated joining Exxon and China National Offshore Oil Corporation (CNOOC) as in producing Guyana’s daily oil output of 650,000 barrels, the response from the Guyanese government, opposition leaders and environmentalists was muted.
Continue reading...© Illustration: Israel Vargas/The Guardian
© Illustration: Israel Vargas/The Guardian
© Illustration: Israel Vargas/The Guardian