Guyana is set to become the fourth-largest offshore oil producer in the world.  This will place it ahead of Qatar, the U.S., Mexico and Norway. The small South American country is home to 791,000 people, and is one of the world’s poorest.

The consortium that discovered the oil was led by ExxonMobil.The daily 380,000 barrels per day that flow out of Guyana is expected to increase to 1.2 million barrels per day by 2027.

Guyana says it has built 12 hospitals, many schools, two highways, and seven hotels so far with its oil revenue. A $1.9 billion gas-to-energy project is expected to double Guyana’s energy output and slash power bills in half, its Vice President Bharrat Jagdeo said.

Experts are concerned that Guyana may not be able to handle the influx of such oil wealth. They warn of a path similar to Venezuela’s, which has plunged into political and economic chaos after becoming a petrostate. Experts say that expertise, along with legal and regulatory frameworks are necessary for any country to properly handle the influx of oil wealth, which can open many avenues for corruption.

Since major oil deposits were first discovered 100 miles off its shores in May of 2015, Guyana has seen $1.6 billion in oil revenue.  

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