Behind the Money

Will Exxon make or break Guyana?

Jun 26, 2024

Exxon Mobil's massive oil discovery in Guyana is transforming the country, raising concerns about wealth distribution and corruption. Tensions with Venezuela over oil fields are escalating, while local entrepreneurship in the oil industry is on the rise. The podcast explores the potential benefits and challenges of Guyana's oil boom.

22:13

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Quick takeaways

Exxon Mobil's oil discovery in Guyana could significantly boost the country's economy but raises concerns about wealth distribution.

Guyana must prioritize transparent governance and responsible investment to mitigate risks associated with overreliance on oil.

Deep dives

Guyana's Booming Development and Exxon's Role

Guyana's capital, Georgetown, is experiencing rapid development with several luxury hotels and American-style malls under construction, a stark change in a country historically struggling with poverty. ExxonMobil's discovery of a massive oil reservoir off Guyana's coast in 2015 promises significant economic transformation, potentially making Guyana the fourth-largest offshore oil developer in the world.

Intro

2min

Exxon's Impact on Guyana's Future

12min

Examining the Risks of the Exxon Deal on Guyana

4min

Escalating tensions over Guyana's oil fields and the rise of a young Guyanese entrepreneur

2min

Local Entrepreneurship in Guyana's Oil Industry and Diversification Perspectives

3min

Credits and sponsored messages for wealth management and fashion brands

2min

Exxon Mobil struck black gold in 2015 when it discovered a massive oil reserve off the coast of Guyana in South America. It’s poised to make Guyana the fourth-largest offshore oil developer in the world, and it's already jump-started a transformation within the developing economy. But will this oil bonanza benefit Guyana’s people? The FT’s US energy editor Jamie Smyth travels to Guyana’s capital to understand Exxon’s impact first-hand.

Clip from NBC News

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For further reading:

The giant Exxon project that could create the world’s last petrostate

Oil-rich Guyana tries to tap another source of cash: carbon credits

Exxon’s exit marks reversal of fortune for Equatorial Guinea

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On X, follow Jamie Smyth (@JamieSmythF) and Michela Tindera (@mtindera07), or follow Michela on LinkedIn for updates about the show and more.

Read a transcript of this episode on FT.com

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