Voters in Guyana will head to the polls today, in a crucial election that will decide which party oversees an oil boom that is expected to transform the poor South American country’s economy.
Analysts say Guyana, which shares its border with Venezuela, Brazil and Suriname, could become one of the world’s richest countries per capita – or another country marked with the resource curse,
More than eight billion barrels of recoverable oil and gas have been discovered off the country’s shores. Under a 40-year deal signed with ExxonMobil Corp and its partners in 2016, Guyana is expected to receive an estimated $168bn in revenue, more than 120 times the country’s annual budget.
Today’s election comes at a pivotal moment as the first wave of oil production gets under way.
Each of the major parties are determined to keep the other away from control of the wealth, that is expected to come via the oil discoveries.
