Vickram Bharrat, Minister of Natural Resources, used his platform at the Fifth Edition of the flagship Energy Conference and Supply Chain Expo to stress what he described as a strong, steady relationship with ExxonMobil.
He spoke on Wednesday, February 18, at the Marriott Hotel during a ministerial panel on regional energy security.
Bharrat said it is important to remind audiences of the sector’s significance and made it clear that cooperation with the country’s oil operator remains strong as Guyana continues expanding offshore production.
“We have a very good working partnership with our operator,” he said. “We have an excellent partnership with ExxonMobil.”
With more than 30 discoveries made offshore Guyana, ExxonMobil has a line of sight for the addition of eight floating production, storage, and offloading (FPSO) vessels by 2027, a goal that is expected to see oil production reach 1.7 million barrels per day (b/d).
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All projects are in the Stabroek Block, in which ExxonMobil holds a 45% operating stake. Hess (30%) and CNOOC (25%).
According to Bharrat, the partnership is one of the main reasons the sector has progressed quickly since first oil in 2019. “…That has really made our sector as successful as this today…partnership,” Bharrat said. “Partnership is key.”
ExxonMobil’s presence in Guyana extends beyond oil production into the broader energy sector, including its involvement in the Gas-to-Energy project and its support for training programs through the Guyana Technical Training College Inc. (GTTCI) to prepare Guyanese citizens for jobs in the industry.
Bharrat explained that the collaboration goes beyond ExxonMobil, pointing to the role of local businesses. “We have an excellent partnership with our private sector, which is very key and critical,” he said. “They’re eager to actually get into the sector, or if they’re already in the sector, they’re eager to expand their operation.”
The Minister said the government’s goal is balanced growth. “That is the intention of our government to ensure that we have local participation without keeping foreign investment out of Guyana,” he said.
He noted that regional ties are also important. “Partnership with governments, our partners from Trinidad and Suriname, is critical and important,” he said. “International partnership is even more critical and important, especially at this junction”.
