Analysis: Guyana’s Oil Profits Dreams Crushed by Pandemic and “Resource Curse”

Guyana’s dreams of fabulous wealth this year have been dashed by COVID-19, which has delayed production and slashed oil demand.

By Amy Myers Jaffe (*)

RIO DE JANEIRO, BRAZIL - This year was supposed to bring great things for Guyana. ExxonMobil discovered massive oil deposits off the South American country’s Caribbean coast in 2015, and Guyana sold its first cargo of crude oil this February. As production ramps up, its first stage offshore wells were projected to produce 750,000 barrels a day by 2025, tripling the size of Guyana's economy . . .

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