Introduction
Since the discovery of Guyana’s first commercial oil in 2015, I have continually encouraged a “strong bullish outlook” on its potential petroleum resources. As part of my proposed iteration and overview, today’s column addresses the long-term profile of petroleum exports that the country should aim for as it matures. Some readers may feel that raising this issue when the petroleum sector is just a year old is premature. My response is that this issue is already covered in international and national reports on Guyana’s petroleum prospects.
Going forward, I will limit the discussion to three future policy options. And, while I think a final decision on these is about a decade away, it’s a good idea to consider early. These options are: 1) Guyana’s position on membership of the Organization of Petroleum Exporting Countries (OPEC); 2) Guyana’s position on acting as a “strategic swing producer” in global crude oil markets; and 3) Guyana’s position on the establishment of a National Oil Company (NOC).