OPINION: It has been more than seven years since ExxonMobil made its first discovery in the Stabroek block offshore Guyana and since then the small South American nation has been taking crucial steps to ensure oil profits will result in economic development.

With over 11 billion barrels of oil equivalent in recoverable volumes so far unearthed, Guyana has become the hottest offshore province in the world.

In order to make sure part of these oil riches helps sustain the nation’s booming economy, successive governments have had to develop a regulatory framework, while at the same time laying the ground for economic development through oil.