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Oil and Gas Turning Poor Countries into Economic Miracles

 The article discusses how oil and gas resources are transforming the economies of several nations that were previously seen as economically disadvantaged. These countries are experiencing significant growth thanks to their energy production capabilities.

1. Global Energy Dependence:

• Affordable and reliable energy is essential for economic growth.

• The ability to access domestic energy resources or secure imports leads to job creation, infrastructure development, and increased government revenue.

2. Guyana’s Economic Boom:

• Guyana has emerged as the fastest-growing economy, with a GDP growth of 63% in 2022 and 38% in 2023, projected to continue growing by 27% in 2025.

• The country's economic transformation is primarily driven by oil reserves found in the Stabroek Block.

3. Niger's Oil Prospects:

• Niger is set to benefit from the Niger-Benin pipeline, which will significantly increase oil production.

• This development is expected to significantly boost the country's GDP.

4. Senegal's Energy Advancement:

• Senegal is investing in oil and gas projects, like the Sangomar oil field and the Greater Tortue Ahmeyim (GTA) project, leading to notable GDP growth expected to exceed double digits in 2025.

• Energy exports are anticipated to make up 30% of the government’s revenue.

5. Côte D’Ivoire's Hydrocarbon Expansion:

• Côte D’Ivoire is becoming an energy leader in West Africa, doubling its oil production and heavily relying on natural gas for electricity.

• The country aims to further increase oil production and significantly reduce its poverty rate.

6. Focus on Energy Poverty:

• The immediate threat to these regions is energy poverty rather than climate change.

• Countries like Guyana, Niger, Senegal, and Côte D’Ivoire prioritize their citizens' welfare over distant climate targets.

The success of oil and gas production in these countries highlights an essential truth: access to energy is fundamental for economic development. Instead of focusing solely on reducing carbon emissions, these nations are choosing to enhance their energy capabilities, which they view as vital for improving their citizens' quality of life. The article underscores the need for practical energy solutions to foster progress in developing regions.

https://wattsupwiththat.com/2025/04/03/oil-and-gas-turning-poor-countries-into-economic-miracles/

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