The giant Exxon project that could create the world’s last petrostate

Quick Summary:

Building an oil industry from scratch has created local jobs, the company says, with 6,200 Guyanese supporting the activities of ExxonMobil Guyana and its contractors by the end of last year.

Academics say Guyana’s authorities are in a race against time to show that oil revenues will be shared fairly with the public and not misused by politicians.“When countries get big oil windfalls their governments tend to become more corrupt, less accountable and it becomes rarer and rarer to have free and fair elections,” says Michael Ross, a professor of political science at UCLA and author of The Oil Curse: How Petroleum Wealth Shapes the Development of Nations.

Many teachers have been on strike for more than 60 days, demanding a 20 per cent pay rise. The Guyana Public Service Union, representing other public sector workers, has also threatened strike action over wages.“Our economy is now an oil economy, it’s no longer an economy for the local people.

---

More Pictures

---

Read Quick SummarySave Time

or

Article Details

Author / Journalist: Jamie Smyth

Category: MarketsFinanceInvesting

Markets: United StatesEquatorial GuineaGuineaGuyanaIndiaIraqKuwaitMexicoVenezuela

Topics: Country Government Says Exxon Local Guyana’s Resources Guyana Production Economy Financial

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-25 @ 04:00:52 (6 days ago)

News Timezone: GMT -5:00

News Source URL: ft.com

Language: English

Article Length: 2483 words

Reading Time: 14 minutes read

Sentences: 87 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Financial Times

News ID: 21378603

View Article Analysis

About Financial Times

Main Topics: MarketsFinanceInvesting

Official Website: ft.com

Update Frequency: 5 posts per day

Year Established: 1888

Headquarters: United States

News Last Updated: 16 hours ago

Coverage Areas: United States

Ownership: Independent Company

Publication Timezone: GMT -5:00

Content Availability: Worldwide

News Language: English

RSS Feed: Available (XML)

API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #3

Publisher Details

Frequently Asked Questions