Suriname is part of the Guyana-Suriname Basin, often called the “Holy Grail” of oil and gas. However, the country is in the midst of a severe economic crisis. Sadly, Suriname has been here before.
Brazil produced an average of 2.94 million barrels of oil per day in 2020. The South American country is now the seventh-largest crude oil producer in the world, and the largest in Latin America, with current trends indicating further growth for Brazil’s oil industry.
The Essequibo territory remains a point of contention between Guyana and Venezuela, and the stage is now set for the ICJ to step in and render a judgment.
The Colombian oil industry had many ups and downs in 2020, but Wall Street has been lifting 2021 oil price predictions, and positive oil price forecasts are expected to help bolster Colombia’s production.
Guyana’s economy is projected to grow by 26 percent in 2020, but the country will need more than just money alone to affect much needed changes in governance frameworks, inhuman capital, and transparency.
Guyana’s recent oil windfall has been well-documented, but successfully harnessing the opportunity it brings will require a combination of transparency, institutional management, and infrastructure changes.
Similar to the COVID-19 pandemic, environmental disasters hit marginalized communities the hardest. Not just because they are more exposed to risk, but because of social vulnerabilities and inequalities that prevent them from responding to these events.
On the eve of a massive oil windfall, Guyana finds itself in the midst of a political power struggle, forcing the United States to walk a careful path between a comfortable partner and a regime it once looked on with suspicion.
A no-confidence vote in the parliament has triggered new elections, at a time—not coincidentally—that the country is grappling with how to manage its oil windfall. The U.S. can help.
In 2018, PDVSA’s production capacity dipped to its lowest level since 1950. It’s the nadir of a debacle that has escalated under Maduro but started under Chávez.
