Exxon expects the first Stabroek oil to flow to the Liza Destiny, a storage and offloading vessel, in early 2020, with production quickly ramping up to 120,000 barrels a day and rising by 2025 to 750,000 a day (roughly on a par with last year’s daily output in Indonesia, which has a population of 264 million).
As for Guyana, the government estimates the Exxon deal will bring in $300 million in 2020, or about a third of the country’s entire tax revenue, and surge to $5 billion by 2025.
Chris Ram, a lawyer and former newspaper columnist (he broke the news about the $18 million signing bonus), worries that, rather than taking a leap forward propelled by oil, Guyana could slip backward. In the 1980s, under left-wing strongman Forbes Burnham, Guyana shared many traits with today’s Venezuela. Although democracy took root in the 1990s, Ram fears for its fragility.
“We don’t have a culture of democracy,” he says over a meal in one of Georgetown’s many Indian curry houses. “The constitution is weak and open to abuse. Problems are swept under the carpet. It’s frightening.
Agreed with Chris Ram , Guyana needs a new Constitution, with the impending revenues the fat cats will be salivating.