July 30, 2018

Will Guyana's oil boom benefit the people?

Profits from massive oil reserves could potentially transform the country or lead to bigger problems.

Oil companies have identified massive offshore reserves in Guyana, one of South America's poorest nations. New estimates last week report that more than 4 billion barrels of oil could be extracted from a region known as the Stabroek block, where ExxonMobil expects to start pumping crude from in 2020. The country is poised to become a major energy supplier, but not everyone is optimistic about the potential for oil revenue to benefit Guyanese citizens. So what can Guyana do to avoid becoming another poor, yet resource-rich nation? We'll discuss at 19:30 GMT.

On this episode of The Stream, we speak with:

Christopher Ram
Lawyer and newspaper columnist 

Jan Mangal
Former petroleum advisor, President David A. Granger

Lisa Sachs @CCSI_Columbia
Director, Columbia Center on Sustainable Investment 

Imran Khan  @imrankhangy
Press Secretary, Prime Minister Moses Nagamootoo

Read more:
Eureka! Giant Oil Find Set to Bring Guyana Startling Riches—Maybe - The Wall Street Journal
Guyana, one of South America’s poorest countries, struck oil. Will it go boom or bust?  - The Conversation

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