A ship creates an artificial island by extracting offshore sand to create a coastal port for offshore oil production at the mouth of the Demerara River in Georgetown, Guyana, Wednesday, April 12, 2023. Guyana is poised to become the world’s fourth-largest offshore oil producer, placing it ahead of Qatar, the United States, Mexico and Norway. (AP Photo/Matias Delacroix)

Oil boom for Guyana?

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Discovery of a 200ft-deep patch of oil-bearing sands at the Wei-1 well in Guyana’s exclusive economic zone promises an oil bonanza for the Caribbean country.

Canadian oil company CGX’s discovery is the third in an area about 100 nautical miles off the coast of Guyana.

With the tide of public opinion and international regulation turning against oil, CGX and its collaborators have a race on their hands to exploit these resources before global players switch to other fuels and sustainable power.

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Quoted by the US paper the Wall Street Journal, Guyana’s Vice-President, Bharrat Jagdeo, said: “The idea is to get as much of these resources out of the ground as quickly as possible given that we are not sure of the window we have in the future.”

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