Why does anyone think the discovery if oil puts Guyana in the driving seat. It does not! Guyana’s oil is expensive to extract and the long term bias for higher oil price is not there. Follow what’s happening globally. The US is now pumping more oil than ever. OPEC is cutting back to support price. Other non-OPEC are trying to expand their market share. Iran is trying to reclaim its position and markets. The world currently have an over supply of about 2mil bpd.
Guyana has to cochore Exxon to “keep hope alive.” Exxon is being circumspect on how much and how fast it wants to invest. The have a balance sheet and p&l to manage.
Guyana is in a weak position vs Exxon so Exxon will call the shots, not the GOG, be it PPP or PNC.