The economic fortunes of Guyana, with a population of only around 800,000, are poised for a major transformation after its first-ever oil development commenced production just six weeks ago. Offshore oil production is expected to grow rapidly in the years to come and will generate unprecedented revenues for the Guyanese government. “Since the initial discovery in 2015 of the giant Liza oil field in the prolific Stabroek block, Guyana has discovered more than eight billion barrels of oil resources,” says Sonya Boodoo, Vice President of Upstream Research at Rystad Energy. “Liza was brought on stream in December and many more fields will follow suit in due course. Guyana’s rising oil revenues will make a huge difference in the continued development of the country. At the same time, in order for Guyana to realize the full potential of these resources, a stable regulatory and fiscal environment will be a key […]