09/21 Closing prices / revised 09/22/2023  09:26 GMT  |    09/21    OPEC Basket      95.01        –0.81|    09/21   Mexico Basket (MME)   $86.79  +0.01 06/23  Venezuela Basket (Merey) $57.37  + 1.15 ( from previous month)  (Est. OPEC)  | 09/21    NYMEX WTI Texas Intermediate  October  CLV23  $89.63     -0.03  | 09/21    ICE Brent November  BRNX23   $93.30   -0.23 | 09/21    NYMEX Gasoline October  RBV23    $2.62    +0.07   09/21    NYMEX  Heating Oil  October HOV23   $3.37     +1.2%   |  09/21    Natural Gas October NGV23    $2.84      -2.8%    09/15   Active U.S. Rig Count (Oil & Gas)    641      +9 | 09/22    USD/MXN Mexican Peso   17.1975    Live data  | 09/22      EUR/USD  1.0635    Live data  | 09/22   US/Bs. (Bolivar)      $33.9289000  ( data BCV)    |

Oil-rich Guyana expects annual economic growth of over 25% in coming years – Reuters (video)

Watch video: CEO Bruno Chabas represented SBM Offshore at the naming ceremony for the Prosperity FPSO on Wednesday, February 1, 2023, at Keppel Shipyard in Singapore. (SBM)

Neil Marks and Marianna Parraga, Reuters

EnergiesNet.com 02 17 2023

Guyana’s government is forecasting the nascent oil producer’s economy, which has recently been among the world’s fastest-growing, will expand by at least 25% per year in the next three to four years, Finance Minister Ashni Singh said on Thursday.

Since oil production was inaugurated in 2019 by a consortium led by U.S. major Exxon Mobil Corp (XOM.N), Guyana’s economy has boomed and the government has proposed devoting an increasing portion of its budget to infrastructure projects.

“From 2020 onwards, we’ve achieved extremely strong real economic growth overall,” Singh said at Guyana’s Energy Conference and Expo in Georgetown. “Over the last three years, the Guyanese economy has tripled in size.”

Guyana’s economy registered a real growth of 62% last year and it has been forecasted to expand by another 25% this year. Revenue from oil exports and royalties is expected to climb 31% to $1.63 billion this year, fueled by an average $83 per barrel price for Guyana’s export basket.

By 2027, energy producers in Guyana expect to surpass 1 million barrels per day of oil and gas output and begin natural gas exports, providing a fresh source of hard currency to the nation.

“The outlook remains extremely favorable,” the minister said. “Real economic growth of 25% over a sustained period is an achievement that is rare in the historic economic context.”

Guyana is doubling efforts to boost its non-oil economy, including the gold mining sector, while maintaining inflation in single digits amid the country’s rapid expansion and limiting external borrowing.

Advertisement · Scroll to continue

Report an ad

“We’re extremely selective and careful about the new borrowing that we contract, borrowing only for the purposes of making strategic investments and good quality borrowing,” Singh said.

A road to Brazil’s northern region, a bridge to Suriname and another bridge crossing the country’s Demerara river are among infrastructure projects, along with house building and power plants.

According to the public budget, the government’s National Resource Fund will receive $1.6 billion in deposits this year, while withdrawals for funding the country’s capital expenditures will be around $1 billion. By the end of 2026, the fund is expected to have increased its balance to $5.4 billion.

Reporting by Neil Marks in Georgetown and Marianna Parraga in Houston Editing by Marguerita Choy

reuters.com 02 16 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top