Gushing Money, Staying Green
Guyana has struck oil but intends to stick to its low-carbon path, writes Valerie Marcel in Georgetown.
Managing Resources Post-Discovery Meeting Summary
Significant oil discoveries were made offshore Guyana. Their development will likely result in government revenues that are large compared with the size of the economy. Large petroleum revenues, if wisely managed, can contribute to sustainable economic development. However, if poorly managed, they can retard economic development and create a ‘resource curse’. This is the summary of a workshop, held in Georgetown on 21–22 June 2017, that examined how petroleum development might influence Guyana’s development trajectory as well as the various mechanisms of saving petroleum revenues and rules for spending them. The seminar was hosted by the Ministry of Finance and the Ministry of Natural Resources.
Contemplating Oil Prospects, Suriname and Guyana Look to Peers
The neighboring South American countries of Suriname and Guyana are adjusting to life in the spotlight of the global oil industry. As they adapt to new prospects that are both exciting and challenging, government officials in both countries hope to learn from the experiences of their peers in other new oil hotspots.
Good Governance: Preparing for First Oil – Meeting Summary
The Good Governance: Preparing for First Oil in Guyana seminar was held in Georgetown on the 17 and 18 November 2016. A high-level discussion on 17 November featured ministers, members of parliament, high-ranking civil servants, and civil society leaders. Following the significant oil discovery made offshore in Guyana, this seminar was designed to help policymakers prepare for first oil production; to review policy options (and the trade-offs involved in pursuing the various options); and to discuss what changes in laws and institutions would be required to best prepare for oil production. The meeting was hosted by the Ministry of Natural Resources.
Large Oil Discovery Generates Hope, Challenges in Guyana
The Liza oil field discovered off Guyana’s coast in 2015 might be the world’s biggest oil discovery in the last two years. The discovery may ultimately produce 1.4 billion oil-equivalent barrels of crude. This could have a massive economic impact on a country currently ranking among the poorest in the Latin America and Caribbean region.