Greater Guyana Initiative fully funded by Stabroek Block co-venturers – ExxonMobil

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ExxonMobil and co-venturers on the Stabroek Block, Hess and CNOOC, have affirmed that their commitment to Guyana extends beyond the oil and gas sector. The companies are investing billions of Guyana dollars in capacity-building and the economic development of the country as the vast hydrocarbon resources discovered offshore open new opportunities for the nation of just over 750,000 people.

This was the position shared by the three companies on Tuesday, February 9, during the launch of the Greater Guyana Initiative (GGI), a 10-year, US$100 million (20 billion Guyana dollars) programme geared towards capacity building across diverse sectors, including non-oil. In fact, the partners have committed to the creation of more training and scholarship opportunities for Guyanese.

Under the GGI, ExxonMobil and its co-venturers will embark on funding capacity-building projects that are aligned with the country’s overall development objectives. Some of these initiatives have already begun at institutions including the University of Guyana, the Council for Technical and Vocational Education and Training (C-TVET) and the Centre for Local Business Development.

“I want to be clear that these initiatives will be fully funded by the Stabroek Block co-venturers and will not be part of the cost recovery process,” said President of ExxonMobil Guyana, Alistair Routledge.

Hess’ Vice President of Exploration, Appraisal, and Developments for Guyana-Suriname, Mr. Tim Chisolm affirmed that the company has high hopes for the long-term sustainable growth of Guyana. “Wherever Hess works in the world, we invest in the people, communities, and capabilities that economies need to grow and prosper,” he stated, adding, “Hess has a long history of embracing the important responsibility of corporate citizenship and sustainable development. That is why Hess is proud to be part of the Greater Guyana Initiative.”

Chisolm iterated that their success in their oil and gas developments cannot be achieved without partnerships with Guyanese stakeholders, and Hess undertakes to form these linkages not only through their commercial activities but by a range of capacity-building programmes such as education and training, health care, and workforce and supplier development.

“Our commitment to Guyana extends well beyond the oil and gas sector and we’re excited to see the support and enthusiasm for new opportunities in the faces of the Guyanese people. I am personally energised by the multimillion-dollar support for vocational training that is part of the Greater Guyana Initiative. I can think of nothing more important to economic prosperity than to build critical skills that are in demand by the industry,” the Vice President declared.

Meanwhile, CNOOC’s, Vice President of International Development, Keith Henderson voiced the company’s long-term commitment and resolve to assist in the development of the country, based upon national priorities. “We are determined to deliver benefits to Guyana by investing in local communities,” he said. They are of the view that the expansion of the technical and socio-economic capacity of Guyanese is key to enhancing their success in the country.

Henderson noted that one of their key focus areas is collaborating with the University of Guyana to help prepare the youth for future success, adding that they launched three initiatives focused on campus safety, telecommunications equipment enhancement and hosting visiting professors as experts in their respective fields.

He announced that CNOOC intends to further expand its local staff in Guyana and develop local technical capacity training, business education and technology. “As we move forward, Guyanese can expect increased scholarships, technical secondments, industrial training and community development,” he assured, reaffirming that CNOOC is committed to leveraging its strengths and capabilities on the journey towards Guyana’s prosperous and successful future.


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