Guyana's governance gap

The oil-rich country is the world's biggest new deep-water play. But can the government develop a transparent energy policy?

Guyana's offshore seems like the gift that keeps on giving for ExxonMobil and its partners—estimated resources from nine deep-water exploration finds there have added roughly 4bn bl of oil equivalent (oe) in reserves, with the recent Hammerhead find yet to be accounted. The discoveries are expected to generate an estimated $15bn in annual revenues in the country, according to consultancy Rystad Energy, but the government's ability to manage the coming tidal wave of funds is worrying energy investors whose interests were piqued by ExxonMobil's success. The country has many examples from which to draw in avoiding the so-called "resource curse"—notably the economic collapse of its western neigh