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Guyana

Yearbook 2018

Guyana. The Caribbean Regional Court announced on June 26 that former President Bharrat Jagdeo (1999–2011) cannot be re-elected president. The matter was submitted to the court after a decision in the Guyanese parliament was notified by a member as unconstitutional. The court decision meant that Frank Anthony of the Jagdeos People's Progress Party (PPP) has the greatest chance of becoming the party's presidential candidate ahead of the upcoming 2020 election.

2018 Guyana

According to Countryaah.com, Guyana's position as a new regional oil nation strengthened even more during the year. At the end of August, the US oil company ExxonMobil announced that it had made its ninth oil discovery in Guyana, the Hammerhead-1 source in the so-called Stabroek block with the equivalent of 60 million barrels of oil. In total, ExxonMobil's exploitable oil resources off the coast of Guyana were estimated to amount to 4 billion barrels. On September 19, a letter of intent was signed on cooperation with Trinidad and Tobago, which has advanced oil refineries.

ExxonMobil's various agreements with the Government of Guyana, considered by many to be both controversial and excessively favorable, on oil recovery had a foreign policy aspect. Natural Resources Minister Raphael Trotman made clear to a parliamentary committee in May that the agreements are meant as a signal to neighboring Venezuela that Guyana intends to retain control over the territorial waters that the two countries have been claiming for many decades. In addition, the government counted on additional support from the US government, which already has a strained relationship with President Nicolás Maduro in Venezuela, by granting concessions to such a US oil giant as ExxonMobil.

In recent years, the new oil deposits led the International Monetary Fund (IMF) to paint a positive picture of Guyana's economy and near future in a June report. An increased growth rate of up to 4.5% in 2019 was predicted.

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