Guyana’s Future as a Petroleum Exporting State

Author(s): Jay Mandle

Created 10 Nov, 2016
Categories Working Papers
Views: 3951

The possibilities and problems associated with petroleum will, in all likelihood, soon be confronted in Guyana. In January, the Guyanese Government announced that by 2020, ExxonMobil is expected to start production from an offshore area where it reported a significant petroleum discovery last year.1 There is a great deal of excitement concerning how becoming a petroleum exporter will benefit the country. Writing in the trade journal OilPrice, Michael Mcdonald believes it will prove to be a bonanza for Guyana. He argues that the discovery by ExxonMobil of “a massive offshore column of oil” in Guyana’s territorial waters “changes everything.” He continues, “within a decade Guyana could be completely transformed by the find, going from unpaved roads and sporadic power to being a developed nation.”2

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