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Guyana’s president: Are new oil discoveries a curse?

by AfroWorldNews

President Irfaan Ali discusses if green economies are unfair to Guyana’s oil explorations and development plans.

Guyana is a former British colony located between Brazil, Venezuela, and Suriname.

The country is rich in biodiversity – as well as minerals. And in the last decade, some 11 billion barrels of oil have been found – which is the most significant discovery of its kind in recent years.

But as the world is moving towards greener economies, is it fair for countries like Guyana – struggling to overcome poverty and attract foreign investment – not to benefit from its newly-found riches?

There is now a total number of discoveries offshore Guyana in 2022 to 5. The three discoveries were made southeast of the Liza and Payara developments. The Barreleye-1 well encountered approximately 230 feet (70 meters) of hydrocarbon-bearing sandstone and was drilled in 3,840 feet (1,170 meters) of water.

Whether Guyana like most African nations will squander its newfound oil wealth is yet unknown.



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