A 2011 Center for Aviation (CAPA) report titled “Increasing tourism, economic growth and oil make Uganda an attractive destination,” cites a correlation of Uganda’s 2006 oil discovery with increased business and tourist arrivals during the period 2006-2010. Guyana yearns for similar success. With Guyana’s growing tourism industry, bright economic prospects and discovery of oil, Guyana is gearing up to becoming a more attractive destination.
The reverberations of the effects of recent oil discoveries have attracted investors in many sectors across the board. Some analysts have concluded that income from oil discoveries can amount to a large percentage of a country’s GDP. That in turn eases spending constraints on governments.
A 2014 regional World Bank report on Africa noted the tremendous impact of FDI to the continent’s member states saying
FDI was boosted by new oil and gas discoveries in many countries including Angola, Mozambique and Tanzania.
Even sub-Saharan Africa experienced increases in its capital flow by an estimated 5.3% of regional gross domestic product in 2013 which is significantly above the country’s average of 3.9%. The report stated that, “growth was notably buoyant in resourcerich countries, including Sierra Leone and the Democratic Republic of Congo
Esso Exploration and Production Guyana Ltd. holds 45 %, interest in the block whereas Hess Guyana Exploration Limited holds 30 % and CNOOC Nexen Petroleum Guyana Limited holds 25 % interest.
Whereas Sir Walter Raleigh did not find the golden city of El Dorado during his voyages during the 1600s to the then Guiana, 421 years later Exxon discovered the black gold that is poised to transform Guyana.
Article published in Invest Guyana Magazine 2015……