Thursday, September 28, 2023

ExxonMobil’s local content investment now over US$600M since 2015

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OilNOW
OilNOW
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The development of ExxonMobil’s projects and continued exploration success in the Stabroek Block is pushing the steady advancement of local capabilities and enhanced economic growth in Guyana.

In a press release on Monday, ExxonMobil revealed that since 2015, it has expended over US$600 million on more than 880 local suppliers.

Currently, ExxonMobil has more than 3,500 Guyanese supporting its activities both onshore and offshore Guyana, which is an increase of more than 50 percent since 2019.

In addition to that, ExxonMobil said that more than 3,000 Guyanese companies are currently registered with the Centre for Local Business Development (CLDB), founded to build local business capacity and support global competitiveness.

ExxonMobil Guyana President Alistair Routledge had commented on Guyana’s unprecedented levels of progress in local content development and in that regard, stressed the importance of education and training for Guyanese, for them to benefit from the opportunities emerging from the oil and gas sector.

And now, with a Local Content Act in place, it paves the way for Guyanese companies to participate in 40 critical areas in the oil sector and pushes oil companies and their contractors to utilise more local services and products.

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