Guyana’s burgeoning role in the global oil industry is taking shape, with ExxonMobil’s investments poised to transform the country’s economic landscape, according to the company’s Vice President and Business Services Manager, Phillip Rietema. He made an appearance on the Guyana Energy Perspectives Podcast, published June 30 where he explained that the impact of the company’s ventures extends far beyond mere revenue generation.
“It’s not just about the revenues that we generate. It’s what we can do with the investment dollars,” Rietema stated as he highlighted the broader implications of Exxon’s activities in Guyana.
Exxon-led group’s 2023 investment equates to more than half of US$6.3 billion Guyana profit | OilNOW
Exxon and its co-ventures have committed to investing GY$5 trillion over the next few years, as outlined in its 2023 Financial Report. This financial injection complements the GY$6 trillion already invested in the Stabroek Block, bringing the total commitment to GY$11 trillion (approx. US$55 billion). A critical aspect of this investment is the employment and empowerment of the local workforce.
“Our operations now employ over 6,000 Guyanese throughout the value chain, and that grows every month,” Rietema noted.
This workforce constitutes 70 % of the personnel supporting Exxon’s operations. Additionally, the company has fostered relationships with over 1,700 unique Guyanese businesses. This engagement with local suppliers has resulted in cumulative spending exceeding US$1.5 billion since 2015, fueling a significant portion of the national economy.
Stabroek Block cost recovery to exceed US$30 billion in 2024 | OilNOW
“Today, we’re producing over 600,000 barrels a day… the revenue generated is over US$1.5 billion a month,” Rietema explained.
According to him, this substantial revenue stream provides the Guyanese government and its people with opportunities for growth and development. With projections of increasing production capacity to over 1.3 million barrels a day by the end of 2027, Exxon’s activities are set to further boost Guyana’s economic prospects.
“By the end of 2027, we expect to have [a] production capacity of over 1.3 million barrels a day,” Rietema added.
One of the most promising aspects of Exxon’s investment is its focus on infrastructure projects. Rietema highlighted the Gas-to-Energy project, describing it as “truly a transformational project for the country.”
“Cheap, reliable power is really fundamental to development,” Rietema stated, envisioning a future where affordable energy attracts diverse businesses, spurs manufacturing, and creates numerous job opportunities.
Exxon’s commitment to Guyana is not merely a short-term venture but a long-term partnership. The company’s ongoing investments in workforce training ensure that Guyanese citizens are equipped with the skills needed for the future.
US$13 million FPSO facility simulator commissioned, boosting O&G training in Guyana
As Rietema aptly summarized, “That clearly provides a lot of opportunity for Guyana to grow and develop.”
