Dear Editor,
I found myself amused while reading the Financial Times article dated June 25, 2024, titled “The Giant Exxon Project That Could Create the World’s Last Petrostate.” The article paints a glowing picture of Robin Muneshwer, owner of Guyana Shore Base Inc., who proudly claims, “We are the poster boy for local content.” This claim, coupled with the news that the Shore Base partners recently secured an 11-year contract extension, strikes a particularly whimsical chord. It’s as if the narrative of every petrostate begins with such confident assertions, only to end in the familiar saga of opulent palaces and conspicuous consumption by a few, while the many make do with promises of a better tomorrow.
Muneshwer, with his majority stake in Guyana Shore Base Inc. and over 900 employees managing cranes and ships, is certainly a promising protagonist in this unfolding epic. One cannot help but wonder if he’s on the fast track to becoming the next “Mohamed” – whether it be the famous and opulent Mohamed Al-Fayed, the Egyptian Billionaire, or the more infamous and previously opulent Guyanese Billionaires Nazar and Azruddin Mohamed. Only the US Department of Treasury knows the future. Nevertheless, his confidence in the government’s wise use of oil revenues to diversify the economy is as comforting as it is comical. History, after all, is replete with leaders who assured us that oil money would bring prosperity to all, only to find those riches trickling down about as effectively as an oil spill at sea.
Consultants at Wood Mackenzie forecast Exxon and its partners will generate US$135 billion in profits between 2024 and 2040. Guyana will receive US$150 billion over the same period or the next two election cycles following the 2025 general elections—a staggering amount for a country that had a national budget of US$3.75 billion last year.
Perhaps the Government and Muneshwer’s saga will be different. Perhaps they’ll be the first to break the mold and steer Guyana clear of the resource curse. Besides, he is quoted in the article saying, “the government is aware of the risks of the resource curse and is using oil money wisely to diversify the economy.” I recommend we should all just stock up on popcorn, sit back, and enjoy the show. In any case, I appreciate Muneshwer’s candour and confidence. It’s refreshing to see someone so earnestly believe in a tale we’ve heard a thousand times before.
Yours faithfully,
Keith Bernard
