Wednesday, July 6, 2022

Team led by Harvard Professor helping Guyana shape landmark development plan

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Hess Corporation’s Chief Executive Officer (CEO), John Hess on Thursday said his company and ExxonMobil Corporation are genuinely interested in seeing Guyana becoming a success story with its massive oil wealth. It is for this reason the two companies are backing independent work being led by the Harvard Business School to help Guyana craft a blueprint for transformational success.

During Goldman Sachs’ Global Energy and Clean Technology Conference 2022, Hess disclosed that a team led by renowned Professor Michael Porter of the Harvard Business School is in Georgetown helping the authorities produce a development plan. Porter’s presence is of particular importance as he is revered for teaching generations of students at Harvard Business School and across the entire University, as well as business, government, and health care leaders from around the world. He has also been a strategy advisor to leading U.S. and international companies, served on Fortune 500 public boards, and played an active role in U.S. economic policy at the federal and state levels. Porter has also worked with heads of state from around the world on economic development strategy.

With respect to the plan being devised for Guyana, Hess said it will seek to help Guyana “develop its human capital through health care, as well as education; to develop its infrastructure; build an electric plant using lower cost, low carbon footprint natural gas that we have from our developments; and to also look at building its national capital to manage this oil wealth.”

Hess added, “Hopefully, 5 to 10 years from now, we will be looking at Guyana as a role model for how to develop oil resources responsibly and we as a company believe in social responsibility and want to do our fair share to contribute to that exemplary development that hopefully the government will continue to conduct.”

The CEO said Hess Corporation is driven by the principle that companies ought to be socially responsible hence Hess is adamant about making a positive impact where it conducts business. He concluded, “Guyana is therefore going to be at the top of that list.”

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