ExxonMobil Guyana has announced plans to increase oil production from its Stabroek block by 18,000 barrels per day (bpd). The capacity of the Unity floating production, storage, and offloading (FPSO) vessel will increase from 252,000 bpd to 270,000 bpd, pending approval from local authorities. ExxonMobil Guyana currently produces 665,000 bpd, and future developments include the Hammerhead project, which aims to produce 120,000-180,000 bpd. The company’s investment is set to further strengthen Guyana’s economy as it grows into a major oil producer.

In political developments, President Irfaan Ali has announced several benefits ahead of Guyana’s upcoming elections. The new incentives include free college tuition and a one-time cash handout of nearly $1,000 per household, benefiting 264,000 families. The minimum wage will also increase from $350 to $500 starting next year, aimed at reducing the cost of living for Guyanese citizens.

Guyana’s economy, bolstered by its growing oil sector, saw a remarkable 60% GDP growth in 2022, the highest in the world, according to the IMF. To further utilize oil revenues, the government is launching various infrastructure projects, including hospitals, schools, and a $1.9 billion gas-to-energy initiative.

At the same time, the 115th COTED meeting on agriculture in CARICOM is tackling challenges like climate change and underdeveloped agricultural value chains, working towards the 25 by 2025 Food Security Initiative.

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CARICOM ministers gathered in St. Vincent during the 18th Caribbean Week of Agriculture (CWA) to address regional food security and sustainability. Key discussions included the “25 by 2025” initiative, blue economy development, and strategies to enhance intra-regional trade and agriculture. The ministers are also preparing for COP29, pushing for urgent climate action, and seeking financial commitments to protect Small Island Developing States (SIDS) from the impacts of climate change. Notable awards were presented to outstanding farmers for their contributions.
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As Nigerians face mounting economic hardship from soaring petrol prices and inflation, leaders like President Tinubu, Senate President Akpabio, and Remi Tinubu make insensitive remarks that mock the suffering populace. President Tinubu claims his neoliberal reforms will benefit Nigerians in the future, while Akpabio dismisses citizens fleeing the country’s economic downturn as unpatriotic. With an already devastated middle class and rising poverty, these tone-deaf responses intensify frustrations.

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