Guyana’s GDP is projected to grow by a staggering 56% this year, as the tiny Caribbean country is set to earn more than US$1 billion in oil exports alone.
Gobind Ganga, Guyana’s central bank governor, told AP that the government would export 13 million barrels of oil worth more than $1.1 billion by the end of this year.
Guyana is a new entrant in the global oil industry. Until 2019, its exportation sector was heavily dependent on gold and rice.
Things changed for good in 2019 when American oil giant ExxonMobil lifted the first batch of oil from the seabed. More than 38 new oil deposits have since been found in the country.
Today, the Caribbean currently produces 350,000 barrels of oil per day, with officials expecting the production rate to double over the next three years. It means Guyana’s oil revenue is also set to double in the next few years.
The windfall revenue from the oil exports is set to make Guyana the fastest growing economy in all of the Western Hemisphere, according to AP.
The government does not lift oil on its own. It has formed a consortium with the likes of ExxonMobil, Hess Oil and China’s National Offshore Oil Company.
Analysts say Guyana is now ideally positioned to bolster its infrastructure, pointing to the rising share of the government in the country’s oil production.