Guyana emerg­ing as a new oil fron­tier

The Star (St. Lucia) - - REGIONAL -

Adis­cov­ery of oil by Exxon Mo­bil off the coast of

Guyana sug­gests the coun­try is emerg­ing as the sec­tor’s next ma­jor hot spot, a re­gional player said.

Exxon an­nounced a new dis­cov­ery at its Snoek well off­shore Guyana ear­lier this week. It’s the third such dis­cov­ery of late, and drilling was in reser­voirs sim­i­lar to those pre­vi­ously en­coun­tered. In its dec­la­ra­tion of dis­cov­ery, Exxon said Snoek was part of a “sig­nif­i­cant,” but tech­ni­cally com­plex, off­shore prospect.

At­ten­tion to Guyana fol­lows sup­port from the In­ter­na­tional Mone­tary Fund of na­tional plans to de­velop a le­gal frame­work for man­ag­ing its oil wealth. The IMF said growth for Guyana was steady, but un­even, with a gain in real gross do­mes­tic prod­uct of 3.5 per­cent ex­pected this year, driven in part by ex­pan­sions in the broader ex­trac­tive in­dus­tries.

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