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Caribbean & Central America - July 2016 (ISSN 1741-4458)
GUYANA: Second major oil find to be “explosively transformative”
In May last year, Exxon-Mobil announced the discovery of an oil reservoir in waters off Guyana that it said could hold 700m barrels of oil or more. Just over a year later, it has announced an even bigger discovery in the same area, this time holding between 800m and 1.4bn barrels of oil. Guyana’s Natural Resources Minister Raphael Trotman described this latest find as likely to be “explosively transformative for the economic and social development of all Guyanese”. But the discovery seems certain to enflame passions in Venezuela, which claims that the waters in which the discoveries have been made are Venezuelan, and there are also concerns about Guyana’s own readiness to manage efficiently and honestly such an enormous bonanza.
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