It's nice to live on top of an ocean of oil to cover the deficits.

Indeed.

It has rarely (if at all) worked out for any other country though. One or the other super power will make sure that does not happen.

US scuttling Iran's nationalisation of their oil being one example.

Geopolitical meddling aside, landfall wealth discovery of natural resources is frightfully difficult to manage well. Your currency strengthens, your other industry loses out the on the price war.

In general it has been a curse than a boon.