Guyana must embrace transparency to realise oil wealth
Grasping the lessons from the mistakes of other countries in the region will be vital to maximising the country’s resource potential
Latin America’s most recently established oil producer, Guyana, is poised for an enormous financial windfall over the next decade. US major ExxonMobil estimates that recoverable reserves in its Stabroek block alone hold more than 8bn bl, and the United States Geological Survey (USGS) rates the Guyana-Suriname basin as the second-most prospective unexplored basin in the world. Geologically, the region is strongly analogous with prolific offshore West Africa. But while there is huge potential, Guyana’s lack of experience could have detrimental consequences. The former British colony needs to learn important lessons from its Latin American peers to capitalise on its resource potential and the a
Also in this section
10 December 2024
Sector at economic and strategic crossroads, but clear path ahead for midstream additions
30 November 2024
Decades of turmoil have left Iraq’s vast energy potential underutilised, but renewed investment and strategic reforms are transforming it into a key player in the region
29 November 2024
The country's fifth and sixth oil and gas bid rounds have attracted a range of new players with gas as well as oil ambitions—and there’s a seismic shift in the contracting process
28 November 2024
Iraq is charting a new path for its indigenous resources and its youth, hoping to electrify the future with a mix of reforms and modernisation to fuel growth
