INSIGHT LATAM MARKETS
Bright Spots Te Guianas
The Guianas is a region of South America
located on the continent's north-central coast and covers an area of about 181,000 square miles. It includes the independent nations of Guyana, Suriname and French Guiana, an overseas département of France.
Each jurisdiction is very different in terms of culture, ethnicity and colonial history. As such, they remain isolated from each other and in many ways from the rest of the world. In addition to their remoteness they are small in terms of population, and many of their inhabitants live in poverty.
However this could change. In 2015 Exxon discovered high quality crude oil approximately 120 miles offshore Guyana. In the space of just seven years, Guyana has emerged as a leading global drilling destination. According to Te Commonwealth Journal of International Affairs if all discoveries were developed in the next 20 years, over $130bn U.S. dollars could flow into Guyana just from the production sharing and royalty agreements alone. According to the same report in the next five years Guyana’s GDP per capita will surpass Brazil’s.
Guyana and Suriname have combined oil reserves estimated to be 17 billion barrels of oil equivalent. Together this represents the world’s largest oil discovery in the last two decades. If these reserves are managed correctly life for the average citizen will change dramatically for the better. However, both governments will need to ensure that local citizens benefit from these discoveries rather than just the few as so often happens with underdeveloped yet resource rich countries.
Te outlook is somewhat different in French Guiana due to French law which is progressively phasing out oil and gas exploration on French
WIRE / PULSE / INSIGHT / REPORTS P39
territory. Besides the French space centre at Kourou, fishing and forestry are the most important economic activities while trade is dominated by France.
All three gambling markets have their own unique characteristics and laws and regulations. Both Suriname and Guyana could prove to be a future bright spot in the long term for operators as their economy and infrastructure grow. In both these jurisdictions there is significant room for growth and a pressing need for further regulation. Indeed, both jurisdictions are looking at making major changes to their gambling laws right now. Again, the picture is different in French Guiana where there are fewer opportunities due to the fact that French gambling laws extend to the territory.
Guyana is the only South American nation in which English is the official language. However, the majority of the population speak
Guyanese Creole, an English-based creole language, as a first language. Guyana is part of the Anglophone Caribbean.
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