Guyana's Oil Boom Raises Concerns of 'Resource Curse' as Venezuela Disputes Border
-
Guyana is experiencing an oil boom with major discoveries by ExxonMobil and partners. Production is already at 400,000 barrels per day.
-
Neighboring countries like Venezuela and Suriname have suffered from overreliance on oil, with massive economic collapses when prices fell.
-
Venezuela disputes Guyana's borders, claiming two-thirds of its territory. This poses risks for Guyana's offshore oil.
-
Suriname is also exploring for oil again, offering creditors a cut of future oil royalties.
-
US oil giant ExxonMobil is caught between Venezuela and Guyana due to expropriations and border disputes.