Celebrating the 5th year of oil production in Guyana, the ExxonMobil Guyana company on Thursday noted the achievement as underscoring the transformative potential of the country’s growing energy sector.

In a statement to celebrate the milestone, ExxonMobil explained that as Guyana has emerged as the third largest per-capita oil producer in the world, the oil and gas sector has spurred tremendous economic growth in Guyana and Guyanese have been benefiting along the way.

According to the company, more than 6,000 Guyanese are currently employed in good-paying industry jobs, and together with its suppliers, it has invested in excess of US$2 billion to procure goods and services from over 1,700 local Guyanese businesses. 

 “We’re focused on capacity building, local content development, and environmental stewardship to ensure the benefits of Guyana’s oil-and-gas production reach every corner of the country. We’re grateful for the strong collaboration with our co-venturers, Hess and CNOOC, and with the Government of Guyana – all of whom have played crucial roles in responsibly developing Guyana’s natural resources,’’ ExxonMobil Guyana President Alistair Routledge said in a statement.

The company said in five years, it has started up three complex offshore mega-projects on schedule and on budget, while simultaneously advancing plans for five additional projects by the end of the decade.

According to Exxon, production capacity in Guyana is expected to surpass 1.7 million barrels per day, with gross production growing to 1.3 million barrels per day by 2030.

The company said it has been doing its part to foster a brighter future for all Guyanese.

There have been calls for the Production Sharing Agreement between Exxon and the Guyana Government to be renegotiated. The Government has said such a move could turn away other investors since they would worry about respect for the sanctity of contracts.

Related posts:

ExxonMobil begins production at Payara development; Total production increases to 620,000 barrels of oil per day ExxonMobil submits development plan for sixth project in Stabroek Block Prosperity FPSO set to begin major operations this year -ExxonMobil Local suppliers in Oil and Gas Sector have earned over $140 Billion since 2015; Guyanese represent 64% of oil sector workforce – ExxonMobil