Guyana waiting for Exxon's gas development plans until end of March, VP says
Guyana's government expects a consortium led by U.S. oil major Exxon Mobil to brief officials by the end of March on plans to develop offshore gas, the country's vice president told Reuters. Guyana is the fastest-growing economy in the world thanks to rapid expansion of output from offshore oilfields controlled by the Exxon-led consortium, in which Hess and CNOOC also participate. The government believes that commercial development of the gas resources will drive growth in the domestic economy.
- This delicate dance between the state-owned and private sectors highlights the intricacies of managing a national resource, where short-term interests must be balanced against long-term strategic goals.
- How will Guyana's decision to partner with Exxon on natural gas development impact its ability to maintain control over its own economic destiny in an increasingly globalized world?