Guyana is a small South American country that has recently discovered significant oil reserves off its coast. In 2015, ExxonMobil made a major oil discovery, which has since been followed by other discoveries (source). As a result, the energy sector in Guyana is rapidly growing and changing. The country is therefore becoming a significant player in the oil industry (source). This discovery also has the potential to transform and diversify Guyana’s economy, but also to clash with its neighbour Venezuela.
Key judgement 1. It is highly likely that in the next 24 months, the production of oil in Guyana will continue to rise significantly. This will strengthen its economy and will stimulate growth in other industries.
Key judgement 2. It is likely that in the next 24 months, the discovery of oil reserves in Guyana will make the country a significant regional and global player in the oil industry.
Key judgement 3. It is likely that in the next 24 months, the tensions between Guyana and Venezuela will increase due to the border dispute over the region of Essequiboto and the discovery of oil in the area.