Based on recent discoveries by ExxonMobil, TotalEnergies, and Tullow Oil, Guyana is thought to have 10 billion barrels of crude reserves. So how will Guyana tread the line between developing its oil riches, and boosting the country’s struggling economy, while ensuring environmental stability? The challenge faced by Guyana could have a positive effect on the country’s new industry, with a major focus on the development of low-carbon oil production. Over the next decade, as Guyana’s oil industry takes shape, it must demand low-carbon production from oil operators, as well as assurances that they will pay for any damage caused by the extraction and production of oil. In addition, oil revenues could support sustainable development and boost per capita income if managed well, making Guyana a sustainable example of an emerging oil nation.

Source: The North Africa Journal November 24, 2021 22:07 UTC