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