One of the fastest-growing countries in the world right now, Guyana, has set forth to become one of the top oil exporters in South America and currently plans to vastly improve its current infrastructure, but also to boost its oil production with the involvement of foreign companies and the state’s own oil-sponsored programs. Most evidently, they have projected the building of a new hydroelectric dam, as well as other projects which will spur growth from oil revenues to potentially create a new wealthy coastal state on the gates of the Atlantic. Of course, it’s important to note that this comes after Nicolas Maduro’s ousting by the United States, one which Guyana has benefited from greatly, especially considering the long-held border dispute with Venezuela.
Guyana’s propulsion towards a richer future is one that looks quite spectacular. If the country is able to successfully build its oil revenues and then branch out into other sectors, they may be able to diversify their portfolio much in the same way that Saudi Arabia is currently attempting. It’s refreshing to see a happy story about a South American country, and it would be very intriguing to see a future wherein Guyana becomes a respected wealthy state like the UAE. There are, however, many opportunities still available for the Guyanese government to flop their plans and fail. But, now, the future is bright.
Nobody, except Venezuela, is hurt by Guyana’s sudden comeuppance. The United States already has investments in Guyana and therefore can utilize those companies to extract oil wealth back to the United States, and would benefit as well from a stable partnership with more American countries. Venezuela, on the other hand, should have alarm bells ringing. They have the largest reserves in the world and the potential for such great promise, but are currently being out-shined by a country, half of whose territory they claim. As international courts continue to arbitrate between the two countries, it will be interesting to see what comes of the two states which have disputed for centuries.
The two words rival state come to mind in the case of Guyana and Venezuela. Whilst Venezuela does have a sizable military and many more geographical and economic assets, Guyana is quickly growing itself and has the potential to spur itself into a new era – one by which the world no longer needs Venezuela for South American oil. The two already have centuries of bad blood, so as Guyana grows, so too likely will Venezuelan distaste. Everything is speculation, though.
