Oil Wealth Poses Risks to Guyana: Vice President Jagdeo

The transcript discusses Guyana's potential as a major oil supplier, emphasizing the need for a supportive international environment, particularly from the US, to grow its oil industry. It highlights the influx of investments in various sectors, including oil, hospitality, and agriculture, and the importance of diversifying the economy. The discussion also covers plans for oil licensing, economic growth projections, and strategies to manage natural resource wealth responsibly, avoiding pitfalls like the resource curse.

What is Guyana's goal in terms of oil production by 2025?

• 500,000 barrels per day

• 1 million barrels per day

• 800,000 barrels per day

• 1.5 million barrels per day

What is one of the challenges Guyana faces in increasing oil production?

• Environmental concerns

• Lack of skilled labor

• Global net zero targets

• High production costs

Which sector has seen the largest single investment in Guyana?

• Agriculture

• Technology

• Hospitality

• Oil and Gas

What is the government's approach to issuing new oil licenses?

• Lottery system

• Auction with seismic studies

• Direct negotiation with companies

• First come, first serve

What is the projected economic growth rate for Guyana this year according to the IMF?

• 25.5%

• 33.5%

• 43.5%

• 53.5%

What is a key strategy for Guyana to avoid the resource curse?

• Reducing foreign investments

• Diversifying the economy

• Focusing on tourism

• Investing solely in oil and gas

What is the main reason for Guyana's cautious approach to spending oil revenue?

• High inflation rates

• Lack of infrastructure

• Limited current revenue

• Political instability