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Guyana's Ali seeks another term amid oil bonanza

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  Published in Politics and Government on Friday, August 29th 2025 at 6:53 GMT by socastsrm.com
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Guyana’s President Irfaan Ali Pursues a Second Term Amid an Oil‑Powered Boom

In a nation that has been transformed overnight by the discovery of vast offshore oil reserves, President Irfaan Ali is preparing to run for a second term in the upcoming 2025 elections. In a statement to the press and a series of televised interviews, Ali emphasized that the country’s “new economic reality” – anchored by the Orinoco Belt discoveries – has given the people of Guyana a chance to rewrite their future.

The announcement comes on the heels of a series of high‑profile meetings between the Guyanese government and the world’s leading oil majors. In late July, a delegation led by President Ali visited the Exxon Mobil headquarters in Houston, Texas, to discuss the development of the Stabroek block, where Exxon has already begun commercial production. The company’s CEO, Darren Woods, highlighted that the block is expected to add up to 100,000 barrels per day (bpd) of production in the next five years, a figure that would push Guyana’s total output to the 200,000 bpd mark by 2027.

Economic Growth and the “Oil Bonanza”

Guyana’s oil production has accelerated from a modest 2,000 bpd in 2019 to more than 75,000 bpd in 2024, a growth that has seen the country’s GDP rise by an estimated 18 % in the last three years. According to the World Bank, oil revenues alone accounted for 70 % of the nation’s exports in 2024, and the government forecasts that by 2030 oil could contribute up to 45 % of GDP.

President Ali, who first came to power after the 2020 election that ended a 23‑year rule by the People's Progressive Party (PPP), frames the oil sector as a catalyst for inclusive development. “Oil is not a gift,” he said in a recent interview with the Guyana Chronicle. “It is a responsibility. We must use it to fund infrastructure, education, and healthcare for every citizen.”

The government’s “Local Content and Capacity Building” initiative – unveiled in 2023 – is a key part of this strategy. The policy mandates that 80 % of the supply chain for oil development be sourced locally by 2030, with a focus on training Guyanese workers in drilling, offshore construction, and petrochemical processing. An audit by the Guyana Revenue Authority reported that local content spending in 2024 reached $480 million, a 30 % increase over the previous year.

Political Landscape and the 2025 Election

The upcoming elections, slated for October 2025, are expected to be fiercely contested. Ali’s party, the People's National Congress (PNC), has secured a plurality of seats in the National Assembly during the 2024 by‑elections, but the opposition coalition – the A Partnership for National Unity (APNU) and the Alliance for Change (ADC) – remains a formidable force.

Opposition leader Sherry Smith, the former Minister of Tourism, criticized the government’s handling of oil revenues. “We need transparency and accountability,” Smith told reporters at the Guyana National Stadium. “Oil has not yet translated into job creation or better public services for the average Guyanese.” Smith’s coalition has called for a “national audit” of the oil contracts and a renegotiation of the existing agreements with Exxon and other majors.

In the months leading up to the campaign, the PNC has intensified its outreach, promising to expand the nation’s gas network to reduce dependence on imported liquefied natural gas (LNG). A pilot project – the “Guyana Gas-to-Power Pipeline” – aims to connect offshore wells to an onshore plant in Georgetown. The government estimates that the pipeline could deliver up to 10 million cubic meters of natural gas annually to the grid, cutting electricity costs by 15 %.

Regional and Global Context

Guyana’s oil boom has drawn attention beyond its borders. In a speech at the Caribbean Community (CARICOM) summit in Bridgetown, Barbados, President Ali stressed the importance of regional cooperation. “We are not a lone island,” he said. “We can share best practices, technology, and even joint infrastructure projects with our neighbors.”

Trinidad and Tobago’s Prime Minister, Dr. Keith Rowley, echoed this sentiment in a joint press conference with Ali in Port of Spain. “Our two nations share a maritime boundary,” Rowley explained. “We can collaborate on a cross‑border pipeline that would transport Guyana’s natural gas to Trinidad, providing an energy lifeline for the entire region.”

International bodies have also shown interest. The International Monetary Fund (IMF) recently announced a new $150 million technical assistance package for Guyana’s oil and gas sector. The World Bank’s “Guyana Oil and Gas Development Strategy” is slated for release next month, offering a roadmap for sustainable growth and social inclusion.

The Road Ahead

While the oil boom has ushered in unprecedented wealth, it has also brought new challenges. Environmentalists have raised concerns about the potential for oil spills and the impact on Guyana’s fragile mangrove ecosystems. The government has responded by investing in an “Oil Spill Response Fund” and partnering with local NGOs for ongoing monitoring.

On the political front, President Ali’s decision to seek re‑election has spurred a flurry of campaign rallies across the country. From the rural hinterlands of Essequibo to the bustling streets of Georgetown, party volunteers are canvassing neighborhoods, promising a future where oil wealth translates into improved livelihoods.

As Guyana stands on the cusp of a new era, the 2025 elections will not only decide the political leadership but also determine how the nation navigates the opportunities and pitfalls of its oil‑powered destiny. Whether President Irfaan Ali’s platform will resonate enough to secure a second term remains to be seen – but one thing is clear: the oil bonanza has fundamentally altered Guyana’s trajectory, and the choices made in the coming months will shape the country for generations to come.