JUST this week, ExxonMobil announced three new discoveries offshore Guyana. These discoveries should further increase the already sizeable resources in the Stabroek Block, currently estimated at 11 billion barrels of oil equivalent. This is only the beginning of Guyana’s path as an oil-producing nation but the signs of rapid development on the ground are already becoming obvious. Recent investments in infrastructure are a testament to the benefits the country is feeling even at this early stage.

Last week, a Guyanese consortium of local businesses, NRG Holdings Inc., won a contract to support fabrication activities for future ExxonMobil projects. This consortium is building the majority-Guyanese owned shore base on the West Coast of Demerara for around US$300 million, which will be leased to ExxonMobil to help service the oil and gas industry.

The shore base is just one part of a massive port complex that will be built at Vreed-en-Hoop. New training programme opportunities at the facility will give residents chances for skill development while the port will eventually provide 2,000 to 5,000 new jobs for Guyanese. The new facilities will support the transition of port and marine support services to Guyana, many of which are traditionally outsourced to regional countries.

Guyana is developing rapidly across all sectors and the investments being made are positioning the country as an emerging market leader, both in the region and globally. Recently, ExxonMobil announced that there are more than 3,500 Guyanese workers supporting both its onshore and offshore activities in the country, a 50 per cent increase from 2019. The benefits from domestic production should continue to become more apparent as the country develops into a leading economy in the region.

Last weekend, a local company acquired a large US$10 million dredge that can be used to clear the country’s major waterways to accommodate larger vessels and greater traffic. Along with the dredge, GAICO Construction is also working to aid in the construction of a deep-water port. The dredge will help create a two-way channel and 24-hour access for vessels in the Demerara River and support additional developments long term.

The Demerara River is seeing an influx of other investment and development that is set to include a new Demerara Harbour Bridge. The increase in investment in Guyana, particularly around coastal infrastructure, will help to connect the new shore bases.

Another boost to local infrastructure comes with the development of an interlink road connecting Eccles and Mocha, a highly anticipated alternative on the East Bank of Demerara that will help to alleviate traffic and make it easier for commuters to navigate. The government has championed this initiative as a way to reduce congestion and air pollution while improving safety.

Despite an uncertain global economic climate, Guyana continues to grow at a rapid rate. High oil prices have also continued to bring in record revenues for the government, including US$106 million for its most recent oil lift. With countries increasingly seeking out Guyana as a stable, environmentally conscious and democratic oil producer, opportunities for local workers and companies are only likely to grow.