ExxonMobil Guyana and its contractors have demonstrated strong achievement on the local content front, investing over GY$80 billion (US$400 million) with more than 1,500 Guyanese businesses in 2022 alone. Since the initial discovery in 2015, their total expenditure with locals has surpassed GY$180 billion (US$900 million).
By the end of 2022, ExxonMobil and its contractors had employed over 5,000 Guyanese workers, comprising more than 65% of the overall workforce in the local oil and gas industry. The number of Guyanese employees working offshore has also continued to rise, with over 1,300 out of the 2,700 personnel involved in supporting ExxonMobil’s operations, accounting for approximately 48% of the offshore workforce.
These numbers are expected to climb further as additional projects come online, creating more opportunities for businesses and individuals in Guyana.
“We believe that the true measure of our success lies not only in the barrels produced but also in the positive impact we create for our people and the communities in which we operate. By prioritising local talent, partnerships, and investments, we aim to cultivate a thriving and sustainable environment that benefits everyone,” said President of ExxonMobil Guyana Alistair Routledge.
The Ministry of Natural Resources recently granted approval for ExxonMobil’s 2023 Local Content Annual Plan and issued its Certificate of Compliance for 2022.
The 2023 Plan outlines the company’s strategies for promoting the development of local content throughout the year, ensuring a phased approach that balances business needs with the growth of Guyanese content. This strategic plan undergoes annual assessments to ensure sustainable and systematic progress toward meeting objectives. The first was granted in 2022.
The increasing integration of the Guyanese workforce into ExxonMobil operations, and the wider oil industry, has positive implications for Guyana’s quest to mitigate Dutch Disease impacts. The government has mandated the use of local goods and services across the oil industr, facilitating movement of revenues to Guyanese entrepreneurs which helps to stimulate growth across various non-oil sectors.
The government also plans to revise the Local Content Act to secure greater benefits from locals.