00:00This artificial island on my back is a key part of the transformation of a once forgotten
00:05country into an energy powerhouse. The company using it? ExxonMobil. With an estimated 11 billion
00:12barrels of oil reserves, Guyana is one of the world's most resource-rich countries and the
00:17fastest growing economy. But the key question is how that growth turns into development for
00:23all its people. There is a curse associated with having too much oil. Countries with lots of natural
00:29resources often have trouble transforming them into prosperity and higher quality of life.
00:35Why? Because of corruption, stark inequality and bigger, wealthier players who exercise
00:40outside the influence of politics. Fairly or not, many Guyanese view Exxon as the power behind the
00:47scenes. The oil company is by far the country's largest investor and taxpayer. It has committed
00:52more than 60 billion dollars with its partners to develop at least seven approved offshore projects.
00:58That investment alone is nearly double Guyana's current 34 billion dollar GDP.
01:04The bet from the government is to spend on this kind of big and visible infrastructure projects.
01:10And that's a great idea because Guyana needs a lot of them. The Demarara River Bridge,
01:15this is a brand new facility built by Chinese companies and that the government inaugurated in
01:22October. Just October after spending over 260 million dollars in the construction. Now the big question mark is
01:30how much the population will appreciate these big projects compared to other issues like inflation and
01:38the increase in the cost of living. In Georgetown, American chain restaurants are popping up everywhere.
01:44Hotels are also being built to accommodate a rising number of tourists. Even the country's first paddle club is
01:51nearing completion. Guyanese are getting richer, at least on paper. But the biggest challenge will be
01:57convincing ordinary citizens that the oil windfall is enriching them rather than just connected politicians
02:05corporations and big corporations.
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