Remi Piet: Oil Will Change Guyana’s Entire Economic Structure

- October 24th, 2019

Piet said there are many challenges facing the country, which he described as relatively underdeveloped compared to its neighbors.

Guyana’s future could be defined by its relationship with the energy sector, according to Remi Piet, senior director at Americas Market Intelligence.

“New finds in energy will be completely changing the economic structure of the country,” he said in an interview with the Investing News Network.

Piet talked about the challenges facing the country, which he described as relatively underdeveloped compared to its neighbors, Venezuela and Suriname.

For context, major American oil and gas company ExxonMobil (NYSE:XOM) has major interests in offshore drilling, with plans to produce 120,000 barrels of oil per day from its assets in Guyana.

Piet said that a number of other major companies will be following with their own production, potentially bringing Guyana’s total oil output to 270,000 barrels per day.

Something that separates Guyana from its neighbors is its angling towards western money, said Piet, who explained that the number of Chinese and Russian investors is lower in Guyana.

Piet also talked about government efforts to set up a wealth fund in a bid to not waste the country’s promised incoming prosperity by investing in infrastructure, and avoid succumbing to “Dutch disease,” wherein an economy sees disproportionate development of one sector to the detriment of others.

Listen to the full interview above for more from Piet. You can find other interviews with Piet on the situation in Guyana here and here.

Don’t forget to follow us @INN_Resource for real-time news updates.

Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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