With its lush rainforests, Guyana is considered a net-zero country by UN climate rules, but a massive oil boom has sparked foreign investment in what some now call ‘the Dubai of the Caribbean.’

Georgetown

Guyana, located in the northern part of South America and known for its rainforest coverage, has recently experienced significant changes following the discovery of large oil reserves offshore. Previously recognized as a net-zero emission nation under United Nations climate regulations, the country has rapidly transitioned into a burgeoning petrostate, attracting substantial foreign investment and triggering a national construction boom.

The influx of oil wealth has transformed Guyana’s economy, which historically struggled with poverty and limited resources. Local businesses are reporting increased opportunities, and construction projects for roads, bridges, hospitals, and hotels are visible across the country. Despite the economic upturn, challenges such as a shortage of skilled workers and rising costs for supplies persist, alongside concerns about managing newfound wealth to avoid potential economic decline.

The nation's population, which is under one million, is witnessing rapid development. Guyana has had one of the fastest-growing economies globally in recent years, with oil production expected to double as several new megaprojects move into development. ExxonMobil is the main operator in Guyana’s oil sector, having invested over $50 billion in partnership with other companies.

However, the oil boom has presented environmental and social dilemmas. While some locals view the discovery as a transformative opportunity, environmentalists have raised alarms about potential risks, including the impact of oil spills and increased tanker traffic. Guyana’s position as a net-zero country is now under scrutiny, particularly as most of its population resides on a low-lying coastline that scientists project could be increasingly vulnerable to climate change and rising sea levels.

Efforts are underway to train a new workforce for the oil sector, and some industry leaders maintain that operations have minimal environmental impact. National discussions continue on how to balance economic prosperity with sustainability and equitable distribution of wealth, as the country aims to ensure its long-term future is not solely dependent on oil and gas.




Oil discovery threatens Guyana's climate model status

Perched near the top of South America, rainforest covered Guyana is a brand new player in the oil business. I don't think there is any other place in the world that is going through what Guyana is at the moment. An environmental champion, a rare net zero emission nation, is now the world's latest petrostate. Everybody got really excited while the environmentalists shocked in their boots. A rare opportunity for prosperity paired with worries for the future. It cannot be an oil and gas driven economy only. We will go downhill. No matter where you go in Guyana, every town, village and city is a construction zone. Roads and bridges, hospitals and hotels, industrial and residential developments. Semi-trucks drive around the clock delivering rock and sand to job sites throughout the nation. The entire South American country booming. 20 years ago, our economy was struggling to survive. We were barely feeding ourselves. The opportunity we have right now is an opportunity of a lifetime. We as Guyanese should all capitalize on those opportunities. There is a plethora of work for construction companies like his, but there is a shortage of workers. And that's one of the reasons why you see sewage and sewage keep going up because we're poaching from one another. It's a small pool and we're all trying to take from that little pool. The oil bounty is large for such a small country, the population less than one million. The struggle is to not squander the wealth, instead tackle the lengthy to-do list of overcoming poverty, improving education and saving for the future too. If you have all the wealth, you have an abundance of wealth and it's not managed properly, definitely you can go right down to ground zero. Guyana has the fastest growing economy in the world for five years in a row, jumping by 44% last year alone. This oil company growing and hiring rapidly. It's really wonderful. I don't think there is any other place in the world that is going through what Guyana is at the moment. We see a lot of companies wanting to do business in Guyana. Local businesses are also thriving. So it's a very positive business environment at the moment. Along the way, many growing pains persist, rising prices for supplies, non-stop construction and gridlock on the roads. Because of the danger of the people on the roadside with the motorbike and the taxi and things like that, those things. This summer, construction will begin to make this a four-lane highway. We have to take more caution on the roadside. The oil jackpot is often considered a blessing, but for others, it's more of a curse. Guyana's unique status as a net-zero country, at risk. And then the moment oil is discovered, then what? Yes, and then everybody got really excited. While the environmentalists shocked in their boots. So you had a mixed view. The person saw it as a blessing, we're going to finally be rich, we're going to be the Dubai of the Caribbean. And Guyana is dealing with another contradiction. With most of its tiny population on the coast, this emerging petrostate is profoundly at risk from climate change. In a blink of an eye, it's going to be upon us. And if you look at the way the climate has been changing, it's going to happen. Persons that are watching it are going to see it's going to happen. At a training college in a rural part of the country, all of the students here already have a job in the oil industry. The campus is expanding as demand for skilled workers continues. Remember, Guyana has never had an oil and gas industry. So we're starting from scratch, zero. Exxon Mobil is the dominant player in Guyana, and hires partners to operate these massive production and storage vessels. There's a total of three vessels that we operate and maintain. Martin Chung is a rarity, a local Guyanese who is leading one of those companies. The oil patch and the environment, he says, are not in conflict. What we do in terms of impact to the environment is at most minimal or at least zero. The struggle continues between optimism and concern for Guyana's future. Scientists have shown that by 2030, the entire coastline, which includes Georgetown, would be underwater, will be flooded. And they have projections. Back at the college, the director on campus has lived in many oil-producing countries, including Canada. His hope is that Guyana can prosper too, all sectors, without leaving anyone behind. How do you try to equilibrate that so that everyone feels they're getting a fair share of this? You can see how this can be transformative for Guyana, providing we keep our eyes on the ball that it has to be a sustainable economy. It cannot be an oil and gas driven economy only. People go downhill. The road to a new, prosperous Guyana is long. The challenges of an oil boom still loom, yet no number of those concerns can cloud the reality Guyana has struck the oil lottery and now has the riches to lift its people out of poverty, a tiny country now awash in transformational wealth. Now, Kyle, just how quickly is the country's oil patch growing? So far, the consortium of oil companies, led by ExxonMobil, has invested more than $50 billion in developing Guyana's offshore oil fields. That spans three operational megaprojects and another five in development. Oil production is expected to double in the next few years. Natural gas production is growing now too. Concerns persist as well, such as who pays for any possible oil spill and what damage could occur from increased tanker traffic. Guyana is regarded as the fastest offshore oil development in history. And Erica, so far, there's no easing to that rapid pace. OK, thanks, Kyle. Kyle Bax in Calgary tonight.

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