Introduction
Since Guyana’s first commercial oil discovery in 2015, I have steadfastly urged a “strongly bullish outlook” on its potential petroleum resources. As part of my proposed recap and overview, today’s column addresses the long-run profile of petroleum exports which the country should aim at as it matures. Some readers may feel that raising this issue when the petroleum sector is just one year old is premature. My response is that this issue is already being debated in international and national reporting on Guyana’s petroleum prospects.
Going forward, I’ll confine the discussion to three future policy choices. And, while I believe a final decision on these is about a decade away, early consideration is advisable. These choices are: 1) Guyana’s stance in regard to membership of the Organization of Petroleum Exporting Countries (OPEC); 2) Guyana’s stance regarding operating as a “strategic swing producer” in global crude oil markets; and 3) Guyana’s stance regarding the establishment of a National Oil Company (NOC).