It is a wonder to behold, and we are quite pleased to see it, how Guyana’s oil boom is transforming the Caribbean Community (Caricom) member on the South American coast into a potential player in global geopolitics.
The attention being attracted by the previously poor Third World country is underlined by an estimated 15 billion litres of oil off its coast, which when realised will make Guyana Latin America’s third-largest oil producer, after Brazil and Mexico.
It is noteworthy that last year the United States Secretary of State Mr Antony Blinken — representing the world’s most powerful economy — visited Guyana, and China’s President Xi Jinping, from the second-largest economy, invited President Irfaan Ali to China, calling for a partnership “on an equal footing”.
The bright economic outlook for Guyana in the near-term is responsible for the heightened interest. Currently producing 650,000 barrels of oil per day in partnership with US oil giant ExxonMobil, the country is expected within the next three years to rival Qatar’s production levels, according to the respected NZZ, which publishes out of Zurich, Switzerland.
“The discovery of oil has triggered a scramble for influence, as neighbouring countries, regional powers and global players all vie for a stake in Guyana’s future,” the publication reported. “The small nation, however, has ambitions of its own, aiming to secure a seat at the table of global geopolitics.”
We know that neighbouring Venezuela has revived old claims to two-thirds of Guyana, declaring that the oil-rich Essequibo region belongs to the Spanish-speaking country. While the tension has subsided, that conflict has not yet been resolved.
The news outlet believes that the border conflict could potentially explode into a broader geopolitical issue, “especially given Russia’s heavy support for the Caracas regime, which includes military aid and security consultation. Iran-backed Hezbollah is also believed to maintain a significant foothold in Venezuela”.
The US has shown itself to be a partner willing to defend Guyana, doing military manoeuvres over the capital, Georgetown, that sent a message Caracas clearly got.
Georgetown has since shown interest in spending some of the oil money on defence.
On the cards is a joint road project with Brazil that would run through the rainforest to the Caribbean, giving Brazil access to a deep-sea port in the Caricom region, to Guyana’s markets, and further afield.
Guyana, like the rest of the region, has opened its arms to Chinese investment, notably with the State-owned China National Offshore Oil corporation holding a 25 per cent stake in the oil consortium controlled by ExxonMobil.
India, a kind of ancestral home to Guyana, is showing interest in expanding its political and economic influence there. President Ali is said to be seeing oil-rich Qatar as a model for development.
Not to be outdone, Europe, according to the news outlet, is eager to find a South American ally that shares its values and sees Guyana as a strong candidate.
Even while entertaining other external partners who can be of mutual benefit, Guyana’s challenge is to ensure that its new-found wealth redounds to the full benefit of its 900,000 people and, we would suggest, its Caricom relatives as well.
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Publish date : 2024-09-18 18:02:00
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