Guyana emerging as a new oil frontier
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.