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Exxon’s and the gas-to-shore project

Feb 15, 2023 Editorial

Kaieteur News – Does ExxonMobil’s Country Head in Guyana, Mr. Alistair Routledge, really expect anyone to fall for that gimmick about his company not going to make any profit on the gas-to-energy project?  We are disappointed that this slick American oil company, and its wise Country Head, a man of the caliber of Mr. Routledge, could think that Guyanese are this short of basic commonsense, any mental keenness.

Since when does ExxonMobil invest US$1B in any project anywhere, and goes into such an undertaking with prior knowledge that there will be no money in it for the company?  It surprises to learn that ExxonMobil is now in the charity business.  What other concoctions does ExxonMobil have in mind, along these same lines for Guyanese ears, where the company is Guyana’s big brother?   Meaning, one that is always looking for it, and a deep-pocketed philanthropist to this country?

On each occasion that we believe that ExxonMobil, or Mr. Routledge, has exhausted the corporate bag of goodies for Guyanese, this versatile American oil superpower outdoes itself.  We had billboards sharing the cheering news with locals of how well ExxonMobil has done for them, how it is the best thing that ever happened to this country.  Like lipstick and talcum powder, both washed away when a hard shower came. In the regular fashion, the people piloting the ship at ExxonMobil share a half of a quarter of the whole story, and keep the other 87.5% for themselves.  As Guyanese know by now, that is where the real money is.

Next, the same Alistair Routledge insisted before this nation that to tamper in any way with the 2016 contract would chase investors away from Guyana.  This Guyana oil deal is so sweet, so unbelievably cheap for ExxonMobil and its partners (and vendors), but tinker with it in some small ways, so that Guyanese can get a fair share of their wealth, and investors would race for the Ogle and Cheddi Jagan airports, wipe the dust of Guyana off their feet.  In addition, the hint is that prospective investors would stuff a sponge in their mouths to stop the drooling that comes when they think of Guyana’s prospects, their own prospering possibilities.  From all indications, the only one falling for that one is Guyana’s President Ali, who put his own spin on that 4-alarm warning from Mr. Routledge. It goes without saying that the cohort of PPPC Government insiders and cronies and other direct beneficiaries of ExxonMobil’s gifts are also pretending to be caught in Mr. Routledge’s web of business wisdom.

Is this remarkable American corporate leader, Mr. Routledge, for real?  We would like to see one foreign company that folds up its tent and leaves, should the contract be renegotiated with a little more, just a little more that is fair, for Guyana.  Or one new foreign company that expresses a change of heart and not come here because the contract is renegotiated so that Guyana gets a few paltry percentage points more.  Again, is Mr. Routledge for real?  It stands to reason that the Chinese are waiting to fill any such breach, and of that the US Government may not be too pleased.

We have to ask again if either ExxonMobil or Mr. Routledge is real, when there is this fabrication, this sorcery, about no profit for the company from its US$1B investment in the Wales gas-to-energy project.  The gas (our gas) that ExxonMobil is going to sell Guyana at ‘competitive’ prices, we are expected to believe that there will be no markup in there for the company.  We are supposed to accept that the transportation costs for that gas will be cut to the bone, so that ExxonMobil is operating at or below breakeven in this instance.  The funding, all US$1B of it for the project, Guyanese must appreciate that ExxonMobil is going to get religion and not add a little something to the interest rate it pays for such borrowing. Guyanese should be thankful that it was not said that ExxonMobil is losing money on its US$1B investment for the gas-to-energy project.  A big thank you is extended to Mr. Alistair Routledge for his company’s generosity to Guyana, even taking a hit for it.

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