Guyana Government Locks In An Innovative Energy Security Solution

In the wake of last week’s announcement by ExxonMobil of the commencement of production from a fourth major oil development in the Stabroek area offshore Guyana, the size of the revenue stream due to the country’s government and it’s 800,000 citizens now stands to rise to as high as $10 billion annually by 2030. The magnitude of such a bounty is undeniable, but with the rapid rise in national wealth comes a responsibility to manage it in a way which maximizes the benefits to the nation.

An Innovative Solution Brings an Array of Potential Benefits

The government led by President Irfaan Ali has proven to be nimble and open to innovative ideas and solutions as the revenue stream has grown, always with an eye towards maximizing the opportunity to the benefit of Guyana and the region. One such solution the government announced recently is an arrangement with U.S. energy logistics and infrastructure provider Curlew Midstream which will avoid the need to invest in a new domestic oil refinery. Chevron recently became an ExxonMobil partner in the Stabroek field via its $53 billion acquisition of Houston-based independent Hess Corp.