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What Lies Beneath Guyana's Petroleum Future

Oct 30, 2017 | 09:00 GMT
Guyana is a member of Petrocaribe, an alliance between Venezuela and Caribbean countries. The alliance's third summit was held in Caracas, Venezuela, in 2007.

Guyana is a member of Petrocaribe, an alliance between Venezuela and Caribbean countries. Recent discoveries by ExxonMobil show that offshore Guyana is rich in oil and natural gas.

(JUAN BARRETO/AFP/Getty Images)

Until a few years ago, Guyana was known as a sparsely populated economic backwater on South America's Caribbean coastline. Then ExxonMobil announced a series of discoveries at its prospects off the Guyanese coast, revealing the latest find in early October. Now the country is poised to receive a windfall from oil and natural gas production. But as Guyana's government eagerly awaits what it hopes will be an oil-rich future, the country as a whole will reap fewer economic rewards than it might seem....

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