Last Updated on February 26, 2020, 7:56 AM AST by Anthony Morris
Guyana shipped its first oil cargo to be sold in the international markets including, the US as well. This has been marked like a historical event in the timeline of the country.
The ship containing the oil to be sold left the country on Thursday and headed to Barbados. The oil cargo will soon be sold to international buyers from Barbados.
With this, Guyana has taken the first step towards being known as a significant exporter of oil in the international market.
As part of a deal which the country has made with Exxon Corp and its partners, Guyana hopes to make four more oil shipments this year. Furthermore, the country predicts that it will receive at least 300 million dollars as profit in this year from the four oil shipments which the country expects to ship later.
It is noteworthy that the deal with Exxon dedicates 52 per cent of the profits from the sale of oil in favour of the country.
According to the Finance Ministry of Guyana, the country has produced almost 35,607 barrels of oil per day in the last December.
It is a significant amount of production for a country which did not produce any oil before.
The massive increase in the oil production of the country shows that the estimate that 8 billion barrels of lie under the country’s oceans is accurate. The export of oil is standing to be the largest export of the country and is likely to surpass gold, timber etc.
Nevertheless, the deal made with Exxon is also facing criticism. According to an analysis, an estimate has been made that Exxon will be depriving Guyana of almost around $55 billion during the period of the license.
The Guyanese government has fiercely countered the criticism of the deal staying that as per their view, the report is a cunning and calculated attempt to attack on a sovereign state which has a duly elected government.
Anthony Morris covers stories related to politics and regional developments. His in-depth reporting about governance and reforms makes him stand out in regional journalism, with a deep analysis of political trends and their impact on Caribbean communities.
