The ExxonMobil company and its Guyana oil development partners Hess and CNOOC have announced a $20 billion initiative to assist Guyana in capacity building and sustainable economic development over the next 10 years.

The multi-billion-dollar commitment falls under the Greater Guyana Initiative, which was unveiled by the company today.

Under the initiative, programmes will be designed with support from Guyana’s technical and vocational education and training, the Centre for Local Business Development and University of Guyana.

The initiative will also focus on supporting regional initiatives and capacity development of diverse sectors including health and agriculture.

“Our long-term commitment will support initiatives to further build human capacity, advance education, improve health care and promote sustained economic diversification,” said Alistair Routledge, president ExxonMobil Guyana. “This work will boost our shared capacity development efforts in Guyana, preparing Guyanese to capitalize on new and expanded economic opportunities.”

According to Exxon, the Greater Guyana Initiative multi-faceted approach will grow the Guyanese workforce, increase competitiveness of local businesses across sectors, and build upon the foundation for a thriving business environment and sustained economic growth.

In its efforts to meet the goals of the initiative, national and local leaders, community members and the private sector will be engaged to bolster the effectiveness of programmes and ensure alignment with Guyana’s development priorities as they evolve over the coming years.

“The launching of the Greater Guyana Initiative marks a milestone in delivering benefits from the hydrocarbon / offshore economy directly to the Guyanese people,” said Xia Qinglong, executive vice president of CNOOC Limited and chairman of CNOOC International. “Through this collaborative, sustainable and mutually-reinforcing initiative, communities across Guyana would actualize tangible benefits”, the ExxonMobil CEO said.

The Greater Guyana Initiative will also expand the current support for the Centre for Local Business Development by ExxonMobil, Hess and CNOOC Limited and facilitate its transition into a long-term center of excellence for broader industry.

The Stabroek Block co-venturers will evaluate and select capacity building projects to be included in the initiative. They will consult with local and national stakeholders and utilize third-party experts, including non-governmental organizations, to implement initiatives.

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