Posts Tagged ‘Can Oil Rescue Guyana from the Brink of Calamity?’

Can Oil Rescue Guyana from the Brink of Calamity?

Can Oil Rescue Guyana from the Brink of Calamity?

Scott B. MacDonald  – February 7, 2017 – http://nationalinterest.org

oil-rigNot if Venezuela has anything to say about it.

Guyana is one of the poorest countries in the Western Hemisphere, with a small population of fewer than one million people. Most of its population hugs the Atlantic coast. Despite a wealth of natural resources, Guyana’s location on the relatively remote northeast shoulder of South America, political dysfunction until the 1990s, and a longstanding border dispute with neighboring Venezuela have left the country in challenged economic straits. The recent discovery of a large offshore track of oil could change this, but also opens the door to new tensions with Venezuela, and could make Guyana one of the Caribbean’s hot spots in 2017.

In early January two major oil companies, Exxon Mobil and Hess, announced that they had successfully drilled a deepwater exploration well that strongly suggests that the seafloor beneath Guyana’s coastal waters contains one of the largest oil and natural-gas discoveries in recent years. Continue reading