ExxonMobil Guyana and its partners spent over GY$170 billion with local businesses in 2024, according to company President Alistair Routledge. This forms part of a decade-long investment exceeding GY$525 billion with more than 2,000 Guyanese suppliers.
“Their participation shows the ripple effect of our presence, and how oil-and-gas investments expand far beyond the effect of oil production’s direct impacts,” Routledge said in the company’s 2024 annual report released on Tuesday.
Currently, over 6,100 Guyanese support ExxonMobil’s Stabroek block operations. Routledge noted that this accounts for nearly 70% of the local oil-and-gas workforce.
A new floating production, storage and offloading (FPSO) facility simulator was commissioned this year at the Technical Training College in Port Mourant, Berbice. “This training facility provides practical, real-world education, enabling trainees to practice safety, operations, troubleshooting, and maintenance activities,” he said.
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Since oil production began in late 2019, ExxonMobil has paid about US$6.2 billion into Guyana’s Natural Resource Fund, including US$2.6 billion in 2024. Routledge projected that annual profit-oil payments will rise to over US$10 billion by decade’s end. “These are extraordinary sums, sure to benefit the Guyanese people for years to come,” he stated.
The number of Guyanese supporting ExxonMobil’s exploration, development and production activities has been steadily growing since the company began operations in the South American country. To date, it has made more than 30 significant discoveries at Stabroek Block amounting to more than 11 billion barrels of oil equivalent resources.
As Guyana’s oil and gas industry continues to grow, there will be opportunities for even more Guyanese businesses to benefit from contracting opportunities. A major expansion is especially expected when the eight oil block awards from the offshore auction are finalized.
