Why Big Oil is opening new frontiers | FT Film

$10.5B Total project targets 220,000 barrels daily by 2028

The "Guyana Morgue" development will extract 750 million barrels via 32 wells using a fully electric FPSO vessel, creating 6,000 jobs and spending $1–1.5 billion locally.

Iran war reshapes global supply chains toward Latin America

With Middle Eastern and Russian supplies disrupted, majors like Chevron and Petronas are prioritizing politically stable, low-cost deepwater frontiers in the Americas.

Oil revenues aim to stabilize post-IMF economy

Following a $572 million bailout and recession, the government plans to use oil income to pay debts, fund healthcare and education, and digitize services.

Urgent diversification needed to avoid Venezuela's fate

Officials warn against over-dependence, emphasizing immediate investment in ecotourism and other sectors to prevent the corruption and collapse that plagued neighboring petrostates.

Institutional scaffolding must precede revenue flows

Economists stress the critical window to establish sovereign wealth funds, taxation bureaus, and anti-corruption agencies is now, before 2028 production begins.

"Greenest country" bets oil can save its forests

With 90% forest cover storing 900 million metric tons of carbon, Suriname argues fossil fuel revenues will fund conservation and prevent destructive logging or mining.

Indigenous land rights remain unrecognized

Despite constitutional protections, the Maroon and indigenous peoples lack formal collective land titles, raising concerns about extraction impacts on traditional territories.

Global economic system forces false choices

Climate experts note that without viable climate finance for forest preservation, small countries are pushed into oil extraction to fund development that richer nations demand.