Polling in the Caribbean nation has been patchy at best, so knowing which way the new oil-producing nation will go is difficult.
On March 2, the Caribbean nation of Guyana will go to the polls for its general election, with voters choosing between the ruling center-left People’s National Congress (PNC) and its leader David Granger and the left-wing People’s Progressive Party (PPP).
Senior Director at Americas Market Intelligence Remi Piet told the Investing News Network (INN) that given polling has been patchy and unreliable at best, it is difficult to know who will walk away with a victory in what has recently become one of the world’s newest oil-producing nations.
“I will not put my money on one party or another,” he said in an interview. He also discussed the stakes at play in the election, which could decide what direction Guyana goes in.
He said that while the election outcome in Guyana will be split down ethnic lines, there is no expectation of violence pending the result.
Piet added that the discovery of large oil reserves in Guyana in the past decade could change the economic structure and fortunes of the country, one of the least developed in the Americas.
Major American oil and gas company ExxonMobil (NYSE:XOM) is developing plans to produce 120,000 barrels of oil per day from assets in the country. Combined with other companies developing projects, Guyana could well see its total oil output surge to 270,000 barrels of oil per day.
Piet has spoken about Guyana extensively in the past, saying that the development of the nation’s oil assets has the potential to turn the country into the next Qatar of energy in regards to the funneling of revenues into infrastructure. You can find other interviews Piet has done with INN in August here, September here and October here.
In the above interview, Piet also offers commentary on a recent Global Witness report on the deal signed between ExxonMobil and the government of Guyana. He also discusses the latest Fraser Institute Annual Survey of Mining Companies.
Listen to the full interview above for Piet’s thoughts.
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.