Tapping the Promised Land: Guyana's Future as an Oil Producer

The objective of the technical cooperation is to: (i) support on-going efforts in Guyana towards designing and building a robust regulatory framework for the production of oil and gas, against the background of the recent off-shore discoveries of oil and gas; (ii) explore opportunities for the country to make the best use of its gas production for power generation, and thus contribute to improving its security of supply and diversifying its energy matrix as the country currently imports all of its liquid fuels used for power generation ; and (iii) provide relevant knowledge transfer and capacity building, support build knowledgeable workforce.

In early January 2017, two major international oil companies, ExxonMobil and Hess, announced the successful drilling of two deep-water exploratory wells (Liza and Payara). In March, ExxonMobil made its third oil-bearing sandstone reservoir discovery while drilling the Snoek well. More recently, ExxonMobil Corporation announced that it had made two new discoveries, Liza deep and Turbo-1. These discoveries (Liza, Payara, Snoek, Liza deep and Turbo-1) would place Guyana among the 40 largest reserves-holders in the world.

The oil discovery therefore has critical implications for the country's economic development. If handled well, it can boost the overall standard of living for the country. However, there is considerable work to be done so that Guyana can enjoy the benefits of its oil wealth. Too many resource-rich countries have become development poor, and the list of new oil and gas exporters includes some of the world's poorest and most fragile states, making the downside risks especially high.

Project Detail

Country

Guyana

Project Number

GY-T1147

Approval Date

December 4, 2017

Project Status

Closed

Project Type

Technical Cooperation

Sector

ENERGY

Subsector

NEW OIL AND GAS AND EXTRACTIVE INDUSTRIES

Lending Instrument

Lending Instrument Code

Modality

Facility Type

Environmental Classification

Likely to cause minimal or no negative environmental and associated social impacts

Total Cost

USD 400,000.00

Country Counterpart Financing

USD 0.00

Original Amount Approved

USD 400,000.00

Financial Information

Operation Number	Lending Type	Reporting Currency	Reporting Date	Signed Date	Fund	Financial Instrument
ATN/OC-16533-GY	Sovereign Guaranteed	USD - United States Dollar	Jun. 30, 2024	Dec. 4, 2017	Ordinary Capital	Nonreimbursable

Operation Number

ATN/OC-16533-GY

Lending Type: Sovereign Guaranteed
Reporting Currency: USD - United States Dollar
Reporting Date: Jun. 30, 2024
Signed Date: Dec. 4, 2017
Fund: Ordinary Capital
Financial Instrument: Nonreimbursable

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Implementation Phase

https://www.iadb.org/document.cfm?id=EZSHARE-452454260-3

Approved TC document

GY-T1147 TOR II.docx

Feb. 06, 2018

English

https://www.iadb.org/document.cfm?id=EZSHARE-452454260-4

Procurement Plan

PP GY-T1147.xlsx

Jan. 31, 2018

English

https://www.iadb.org/document.cfm?id=EZSHARE-1189175918-2

Approved TC document

TCM-MainReport (4).pdf

Feb. 06, 2018

English

https://www.iadb.org/document.cfm?id=EZSHARE-1317604928-2

Approved TC document

GY-T1147 Approval Document to publish.pdf

Jan. 31, 2018

English

https://www.iadb.org/document.cfm?id=EZSHARE-452454260-2

Approved TC document

GY-T1147 TOR I.docx

Feb. 06, 2018

English