Guyana is a small nation in South America, and is one of the poorest as well. With an average per Capita GDP of $4000, this country could be headed toward disaster. However, something big is on the way. About two years ago, ExxonMobil and some other oil companies found tons of oil reserves off Guyana's coast. Next year, it should be producing about 120,000 barrels daily.
Though the total reserve amount is a bout 2 billion barrels, it is still nothing compared to Venezuela. But of course there's really nothing much to do about Venezuela. But Guyana has accessible oil, and soon, the nation may become one of the most prosperous in South America. It could even turn into another UAE. Though Guyana will only make 2% royalty and half of oil proceeds and make a total of $1 million a day, it means a lot for the 750,000 residents, despite being low for international standards.
The problem is that Guyana has a matter of few years to resolve its problems, like territory disputes with Venezuela and wealth management. A solution would be to take the issue to the U.N., and it it still persists, then on to the International Court of Justice. As a former colony of Great Britain that is mostly agricultural, it must drastically improve its infrastructure in a year. The government has already outlined a $164 million plan, but that is a lot to handle for such a small country.
The whole Caribbean region is plagued by the issue of oil spills. Neighboring countries like Trinidad and Tobago have seen numerous spills that are disrupting the environment. The good thing is that Guyana does not have many other environmental concerns, as most of the vegetation has not been destroyed.
The biggest problem is ensuring the revenue is properly managed. So many nations have seen growth and also seen economic instability when profits from mining, drilling, etc. is not distributed equally. The country has seen much success with its open market that attracts foreign investments with relative ease. The diversity will help Guyana expand even more. Corruption must be curbed at all costs because it never leads to good things. Guyana also has much ethnic diversity, and handling racial problems has not been such a huge problem as with other countries.
http://corporate.exxonmobil.com/en/company/worldwide-operations/locations/guyana/about-us/project-overview
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