In 2015, ExxonMobil had been sending exploration crews in the waters off of Guyana's coast looking for oil. It was a massive once in a generation find. And right now, the proven reserves are usually estimated to be about 12 billion barrels of oil. But analysts think that that could double in the coming years.
What happens when a small country all of a sudden strikes it fantastically rich? The South American country of Guyana, is finding out in a big way. A nation of just 800,000 people, its economy centered on agriculture and mining–until 2015, when Exxon discovered a massive oil field beneath Guyana’s territorial waters.
Now, Guyana is flush with oil riches. Monte Reel, a Bloomberg investigative reporter, joins this episode to tell the story of the unusual way the government plans to spend some of it– future-proofing the country from rising water that threatens its shores. But in 2015, Guyana — more specifically Exxon — struck oil. Billions and billions of barrels worth of oil. Now the country is going all in on its oil discovery — even as it navigates a warming planet.
Monte Reel is an investigative reporter for Bloomberg and recently spent time in Guyana. He joins this episode to share how this small country is navigating this massive influx of oil money.
Learn more about this story here: https://bloom.bg/3UMLv2P
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