In the serene waters off the coast of Guyana, a small South American nation, the peaceful days of the past seem to have faded. Now, the coasts are plagued by an incessant bustle of oil tankers, a modern armada brimming with crude oil waiting its turn to set sail for international destinations. This maritime spectacle, more typical of the great energy powers, is a reflection of the dizzying rise of Guyana, a country that, until recently, was an almost forgotten corner of the Caribbean and that Now it has big problems managing the number of tankers that move from one side to another on the shores of its coast. Managing such a large treasure (oil) with a scarce population and resources is becoming a complicated and dangerous mission. For this reason, the Government of Guyana is beginning to take measures to increase the security of its coasts and more efficiently manage the movement of large oil tankers.
In 2015, ExxonMobil’s announcement of a massive discovery in the Stabroek block marked the beginning of a new era for this country of just 800,000 inhabitants. Now, a decade later, Guyana not only produces more oil per capita than nations like Kuwait or Saudi Arabia, but its economic growth has astonished the world. With 640,000 barrels a day in production, crude oil flows like the new vital river that feeds its economy.
Managing maritime oil chaos
The oil euphoria, however, is not without challenges. The waters of the Demerara and Berbice Rivers, vital trade arteries, have become a staging ground for growing oil and supply vessel traffic. This boom, although promising, has brought to light an old problem: the remains of sunken vessels that for decades hindered access to ports. According to Bloomberg, since 2023 the remains of 14 shares of these ships have been cleaned, and there are still three others that will be cleaned soon. “It is crucial to ensure that routes are clear and channels are safe for the volume of traffic we are handling“explains Stephen Thomas, director of the Maritime Administration, at a recent press conference in Georgetown.
The effort to clean up these remains resulting from the strong oil boom also responds to a need for modernization. Canals are being widened and deepened to facilitate the passage of giant oil tankers that carry the hopes and challenges of this young nation. Updated nautical maps, protected undersea cables and stricter surveillance are part of Guyana’s new maritime scenario.
Beyond the maritime chaos, Guyana’s oil revolution has generated unprecedented economic growth. In less than five years, its GDP has tripled, positioning it as one of the fastest growing economies in the world, according to the IMF. However, this progress is accompanied by a greater challenge: avoiding the effects of the “Dutch disease”, which has so often turned oil wealth into a poison for developing nations.
Ivan Duque, former president of Colombia, recently noted that Guyana has the potential to overtake many larger economies, but warned of the need to diversify its economy and strengthen immigration policies. that allow us to attract the workforce necessary to sustain this growth. Oil revenues are being channeled into infrastructure, education and economic diversification, but political and social tensions still simmer beneath the surface. Without attracting a foreign workforce, it will be very difficult to carry out the necessary infrastructure works so that oil continues to flow safely and efficiently.
Despite these challenges, the boom has sparked optimism. In Georgetown, the urban skyline changes every day: skyscrapers under construction, full restaurants and a red-hot real estate market. However, criticism does not take long to emerge. Many point out that a significant portion of oil profits remain in the hands of international companies. Furthermore, environmental risks persist, putting in check the fragile marine ecosystems that were once the lifeblood of this region.
The energy market looks at Guyana
Internationally, Guyana has become the focus of interest of powers such as the United States, India and China. Meanwhile, border tensions with Venezuela, which claims part of the territory where the deposits are located, add a complex geopolitical dimension to this new global role.
Guyana’s story is marked by a paradox: on the one hand, oil wealth represents a historic opportunity to overcome decades of poverty, but on the other, this same wealth brings with it the weight of managing expectations, conflicts and a threatened natural environment.
From the FPSOs (floating production, storage and offloading units) working tirelessly in the depths of the Atlantic to the debates in the government offices in Georgetown, Guyana is experiencing an unprecedented transformation. Its path to one million barrels a day in production not only consolidates it as an emerging oil power, but also places it under the global spotlight.
Like the waters that wash its shores, Guyana’s future is dynamic and uncertain. The accumulation of ships on its coasts is more than an image of the present; It is a symbol of the opportunities and challenges that this young nation faces. Can this small giant turn its wealth into a lasting legacy as Norway has done? Or, on the contrary, it will end up being a story of failure like that of its neighbor Venezuela. The answer lies in how you handle the dance between prosperity and prudence.
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