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Ships off the coast of Guyana: Oil has been found again
Photo: LUC COHEN / REUTERS
Guyana, one of the poorest countries in South America, is on the way to becoming one of the richest in the world because of its rich oil deposits off the coast.
More oil has now been found off the coast of the country in the northeast of South America.
According to an announcement from US energy company ExxonMobil, two discoveries were made in an area that is already home to an estimated ten billion barrels of oil.
A ship is expected to begin producing up to 220,000 barrels of oil a day in the coming months.
A consortium led by ExxonMobil found a large oil deposit off the coast of the 800,000-inhabitant state in 2015.
The International Monetary Fund had predicted economic growth of almost 86 percent for neighboring Venezuela before the pandemic.
According to estimates, revenues from the oil business could bring the state around ten billion euros by 2030.
According to the Federal Statistical Office, the country's gross domestic product (GDP) rose to around $ 5.8 billion in 2020, with a growth rate of 43.4 percent.
The country's government promised the population to use the income from the oil business for free education and cheap gasoline, among other things.
The finds also sparked a decades-long border dispute with Venezuela.
According to the agreement between the government and ExxonMobil, 75 percent of oil revenues should initially go to the company to cover costs and 25 percent to the state.
The opposition at the time criticized this in the 2020 election campaign, when a decision was made on a new national assembly and thus also on a new president, because it would greatly benefit ExxonMobil.
The annual turnover of the group is many times higher than the GDP of Guyana.
hba / dpa
