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World's fastest growing economy mulls to diversify from oil

Guyana President Mohamed Irfaan Ali listens during a meeting with US Secretary of State Antony Blinken at the State Department in Washington on 25, 2022. (Sarah Silbiger/Pool photo via AP) (AP)

The Guyanese government is planning such a move to use the revenues from the site to finance investments in the mining, tourism, agriculture and other sectors, added President Ali.

"While Guyana is an emerging hydrocarbon market, our economy will not be hydrocarbon-based," Bloomberg quoted Ali telling the Atlantic Council in Washington DC on 25 July.

According to International Monetary Fund (IMF) forecast, Guyana's economy will grow 47 per cent in FY 2022-23 on the back of oil exploration, and the government forecasts output of about 800,000 barrels per day by 2025.

ALSO READ: HPCL-Mittal Energy first Indian company to buy Guyanese crude Liza

As per the details, the offshore oil deposits, which Exxon Mobil Corp first successfully drilled in 2015, are so large relative to Guyana’s population of 780,000 that some projections show the country on track to overtake Kuwait to become the world’s largest per-capita crude producer.

The South American country -- neighbouring Venezuela and Brazil -- mulls to use the funds from the its new found oil and gas wealth to build roads and infrastructure to open up other areas of the economy, including its gold, diamond, bauxite and copper mines, Ali said.

Apart from this, President Ali said the country also wants to save the Amazonian rainforest, which covers most of its territory and have the potential to generate more than $100 million per year in carbon credits.

With Bloomberg inputs.

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