newbie, CGX increasing almost 600%. CGX which is also actively drilling in search of the Black Gold in the Berbice River, has plans of exploring in an area south of the Liza well in the Q3 of 2015.
As the hydrocarbons are being analyzed over the coming months, Guyana sits in anticipation of the pre-eminent opportunities for investment that are likely to arise.
There has been much discourse in the public media about the impact of oil on Guyana, many of the views reflect favorable outcomes with domino effects from the emergence of non
traditional, skilled employees, the training of Guyanese in an area of expertise not experienced in Guyana’s history, an increase in air travel and hospitality, the emergence of the service industry and the placement of Guyana on the international scene as an oil producing country.
Given the historical impact of oil on other developing countries such as Nigeria, Mozambique and Uganda, the Guyana government has acknowledged the need to build institutional
capacity to manage the new industry and to implement policies and systems aimed at protecting Guyana’s prosperity.
Prior to the Exxon’s May 20, 2015 press release on the significant oil discovery, the US Embassy in Georgetown has been instrumental in preparing the Guyanese government for its debut as an oil producing nation.
US Chargé d’Affaires to Guyana, Bryan Hunt, said the “transparent management of the energy sector is crucial in helping to bring the benefits from the energy resources to the citizens of the countries where they are found as well as improving the stability and reliability of all energy producers is a clear priority for the United States at home and abroad.”
Industry analysts predict that the discovery of oil reserves have the potential to impact Guyana’s social and political landscape via the creation of jobs, the fostering of new business ventures and the provision of vital infrastructure such as roads, bridges, travel and housing. Further, oil revenue flows to government coffers and is to be used for social and infrastructure spending, which in turn decreases poverty, and increases human capital and life expectancy.