To better understand the potential positive effects Guyana’s upcoming oil production can have on citizens we need to look at one existing model examined by the report titled “The Role of the Oil and Gas Industry in Alaska’s Economy” a May 2014 document prepared for Alaska Oil and Gas Association by the McDowell Group.
Part of the report identifies the Economic Impact of Oil and Gas Industry Spending on Alaska’s Economy and could be used as a template by the government of Guyana to develop and pass legislation that would be of significant benefit to Guyanese.
The report is based on data from 2013 and augurs well for similar results for Guyana if equitable contracts are signed, government policies are implemented and the appropriate proven talent is unleashed on the industry.
In 2013 Guyana’s population was approximately the same as Alaska’s; Alaska – 736,760 and Guyana – 758,081. The significant differences are the talent, already developed infrastructure and government policies.
