How Guyana's Oil Boom Sparked A Border Dispute With Venezuela

Guyana, a small South American nation, has become a hotspot due to a century-old territorial dispute with Venezuela over the Essequibo region, driven by the discovery of significant oil reserves by Exxon Mobil in 2015. Despite tensions, Guyana has emerged as the world's fastest-growing economy, recording the highest real GDP growth rate in 2022 and 2023.

Exxon Mobil and its partners have made substantial oil discoveries, propelling Guyana's economy. Critics, however, argue that Exxon benefits more from the oil deal, with concerns about the one-sided nature of the arrangement. The country's GDP has soared since 2019, and it is expected to double its oil production to almost 1.2 million barrels per day by the end of 2027.

the geopolitical challenges, particularly Venezuela's claim to the Essequibo region and the potential impact on Guyana's sovereignty. The international community, including the United States, supports Guyana, emphasizing the importance of resolving the dispute through the right processes.

While Guyana's oil boom presents economic opportunities, there are concerns about the "resource curse." To mitigate this, Guyana has established a Natural Resource Fund, but critics question its management and advocate for independent oversight. this concludes by discussing Guyana's ambition to become a major oil producer by 2035, emphasizing the need for wise investment to ensure equitable and prosperous development.