Guyana is emerging as one of the world’s most strategically positioned oil producers. Expanding offshore reserves and easing geopolitical pressures are strengthening its position as a long-term energy powerhouse, according to Canadian energy strategist Steven Rowles.
Speaking on BNN Bloomberg on January 7, Rowles, a senior portfolio manager at TriVest Wealth Counsel, Wellington-Altus Private Counsel, said Guyana stands out amid shifting global oil dynamics. He pointed to Venezuela’s recent change in leadership and renewed volatility in energy markets as key factors.
“The number one winner is actually the country of Guyana, right next door to Venezuela, and they’ve been under some pressure over the past couple of months and years with territorial claims by Venezuela, as recently as March, claiming over two-thirds of the region of their entire country,” Rowles highlighted.
He pointed to Guyana being a major oil exporter, stating, “[Guyana is] a powerhouse indeed, and they need the infrastructure, and it’s coming in waves, and they have the biggest market there. So I think that this is a story that’s not really being talked about”.
Rowles noted that markets have reacted to expectations of increased global oil supply, including US policy signals that could bring additional barrels to market. This, he said, has put downward pressure on crude prices. However, Guyana remains well insulated due to the scale and quality of its offshore discoveries.
“It’s a very interesting time looking at the oil markets overall,” Rowles said. He added that uncertainty around governance and property rights in Venezuela has kept investors cautious, turning parts of the market “more speculative than investment-driven”.
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In contrast, Guyana offers clarity and strong growth potential. Offshore developments led by a consortium led by ExxonMobil with co-venturers Hess and China’s CNOOC have unlocked an estimated 11.6 billion barrels of recoverable oil.
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According to Rowles, this places Guyana among the fastest-growing oil producers globally, with production output expected to rise to two million barrels per day by 2030.
“…So more supply, more money for those three companies…right now, it’s Guyana, and right now, I think it’s best to focus on the short term until we know what the long-term plans are,” he stated.
