Tag Archives: ExxonMobil in Guyana

Guyana: The Country That Wasn’t Ready to Win the Lottery

The Country That Wasn’t Ready to Win the Lottery

Oil rigs and production

Guyana just discovered it owns enough oil to solve all its problems — and cause even bigger ones.

Micah Maidenberg, Manuela Andreoni  | Foreign Policy

GEORGETOWN, Guyana — Amid the narrow streets and rusty docks of Georgetown, the quiet capital of Guyana, the first signs of an oil boom are visible. Steel pipe destined for deep-water projects can be seen stacked on wharves near the city center. Over at the Marriott, the country’s only five-star hotel, the bar fills up throughout the day with Brazilian oil workers and American contractors. Boats embark from a new depot on the Demerara River, ferrying supplies to oil projects hundreds of miles from the coast.

Driving much of this activity is ExxonMobil. Three years ago, the company’s Guyana subsidiary found crude in sandstone reservoirs about 120 miles offshore, the first of a string of offshore discoveries that have raised the country’s reserves to an estimated 3.2 billion barrels from nothing at all. Decades of dry wells had made such a cache impossible to imagine.     Continue reading

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