Bharrat Jagdeo, the Vice-President of Guyana, has expressed confidence that his country’s burgeoning oil industry will help pave the way for economic growth and improvements in the standard of living.
Speaking during an online presentation at the Offshore Technology Conference in Houston last week, Jagdeo said that Guyana’s population, which numbers around 800,000, had a “legitimate expectation” that prosperity would follow offshore oil development. This sentiment is justified because oil revenues and investments will pump more money into the Guyanese economy, thereby creating opportunities for other sectors of the economy to flourish and new businesses to be launched, he commented.
The vice-president also asserted that Guyana did not have to fear the possibility that oil-driven prosperity might prove fleeting because of plans for switching to renewable energy sources that generate less carbon dioxide. “The world will continue to use fossil fuels for the foreseeable future,” he said, according to a report from S&P Global Platts. “Even if we freeze all new investments now, there’s still a $4 trillion-dollar industry producing oil and gas for world demand.”
Beyond concerns about greenhouse gas (GHG) emissions, though, there may be other reasons to worry about just how much Guyana stands to gain from oil development.