SOUTH AMERICA’S only English-speaking country is one of its poorest. But perhaps not for much longer: Guyana has struck black gold. By 2020 ExxonMobil, the world’s biggest private oil firm, expects to be pumping oil in Guyanese waters, with Hess and Nexen, its American and Chinese partner firms. In the past two years they have found reserves of around 2bn barrels. Five more promising prospects will be drilled by 2018, and then perhaps a dozen more. Guyana could be producing 120,000 barrels per day by 2020, and more than 400,000 by the mid-2020s.
Even with oil at under $50 a barrel, this is vast wealth for a nation of just 750,000. But the Guyanese seem strangely underwhelmed. “It will not trickle down,” a street trader shrugs. Little of the work will be done onshore. Guyana has few engineers and no heavy industry. A global glut of refining capacity means there is no point in Guyana building its own. Oil will be...Continue reading
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