A New OIL POWER in South America? - VisualPolitik EN

Summary

Guyana, a lesser-known South American country with English as its official language and a history of British colonialism, faces challenges such as high crime rates and territorial disputes with Venezuela. Despite these issues, Guyana is on the brink of an economic boom due to significant oil reserves discovered off its coast, estimated at 4 billion barrels. Exxon and Hess Co. are investing heavily, with the government planning to export oil by 2020. However, racial tensions and corruption remain obstacles to Guyana's potential prosperity.

Takeaways

• 🌍 Guyana is a South American country with a predominantly Indian population and English as its official language.
• 🏴󠁧󠁢󠁥󠁮󠁧󠁿 Guyana gained independence from Britain in 1966 and initially leaned towards socialism, earning it the official name 'Cooperative Republic of Guyana'.
• 🇬🇾 The country is one of the poorest in South America, with high crime and violence rates, and is known for its involvement in the international cocaine trade.
• 🔝 Guyana has one of the highest suicide rates in the world.
• 💰 Recent oil discoveries off the coast of Guyana could make it a significant oil power, with estimates suggesting reserves of at least 4 billion barrels.
• 💵 The potential oil wealth could be worth around $200 billion, which could translate to $250,000 per citizen.
• 📈 Exxon Mobil and Hess have committed to investing $900 million a year in Guyana's oil industry.
• 🗺️ There is a territorial conflict with Venezuela, which claims more than 70% of Guyana's land, including areas where oil is being explored.
• 🏝️ Guyana is geographically part of South America but culturally and politically aligns more with the Caribbean.
• 🏛️ The new government faces the challenge of overcoming racial tensions between the Indian and African-origin populations, as well as combating corruption and crime.
• 🚀 If successful, Guyana's oil exports and efforts against corruption could make it one of the richest countries in South America.

Q & A

Which South American country has a majority of Indian origin population and English as its official language?

Guyana is the South American country with a majority of Indian origin population and English as its official language.

When did Guyana gain independence from Britain?

Guyana gained independence from Britain in 1966.

What was the political inclination of Guyana at the time of independence?

At the time of independence, both the government and popular opinion were generally in favor of turning Guyana into a socialist country.

What is the current economic status of Guyana in South America?

Guyana is one of the poorest countries in South America.

What is Guyana known for internationally besides its economic challenges?

Guyana is known for its place in the international supply of cocaine and for having one of the highest suicide rates in the world.

What significant discovery has the potential to change Guyana's economic future?

The discovery of significant oil and gas reserves off the coast of Guyana has the potential to change its economic future.

How much oil is estimated to be exploitable in Guyana and what is its approximate value?

Early calculations estimate that the amount of oil that can be exploited in Guyana is no less than 4,000 million barrels, which is roughly equivalent to $200 billion considering the price of oil.

Which multinational companies are investing in Guyana's oil reserves?

Multinational companies such as Exxon Mobil and Hess Co. have committed to investing in Guyana's oil reserves.

What territorial conflict is Guyana facing with its neighbors?

Guyana is facing a territorial conflict with Venezuela, which claims more than 70% of Guyana's surface as its own, known as the Guyana Esequiba region.

How does the demographic composition of Guyana contribute to internal conflicts?

Guyana's demographic composition, with around 50% of the population of Indian origin and 40% of African origin, contributes to internal conflicts as the two groups are not on friendly terms.

What are the new government's major tasks in addressing Guyana's challenges?

The new government's major tasks include oil exportation, fighting corruption and criminality, and overcoming decades of racial conflicts.