A Country of New Horizons
With twenty four oil discoveries offshore Guyana since 2015 and reserves totalling over nine billion barrels of recoverable oil, the IMF forecast Guyana’s GDP will grow 47.2% in 2022. The IMF also predicts average annual GDP growth in excess of 13% over the next four years. Latest figures released by World Bank show the economy in Guyana is expected to triple in size by 2023, fuelled almost entirely by its resource boom.
Oil major Exxon Mobil and its partners are now planning a prolific 35-well drilling campaign for 2023, making Guyana the most active exploration zone in the world.
The IMF predicts that around 2026, Guyana is projected to have the highest per capita oil production of any country in the world at around a barrel per person per day and the economic expansion at $14.1 billion by 2025, almost three times 2019 figure. Guyana is projected to be producing 1.2 million bpd in a decade and become Latin America’s second largest oil producer.
What does this change mean for anyone interested in Guyana, including businesses? In short, a hugely expanded market, a significantly more wealthy population, more affluent consumers and business opportunities across a wide variety of different areas and significant scope for B2B collaboration.
The Government of Guyana has indicated that oil will provide the funds needed for the economic transformation which includes the modernisation of the country’s infrastructure, fostering increased technological transfers, promoting innovation and establishing world class services in healthcare and education. Guyana will also use its oil resources to promote clean growth and renewable energy.
The needs are significant for Guyana to fully realise its potential. This brings opportunities for investment and partnership, a rich and diverse market with world-class industries including Life Science, ICT, Creative, Financial and Professional Business Services, Aerospace, Automotive engineering and manufacturing to name a few.