Exxon spent over $80B in Guyana last year

May 17, 2023 News

Minister of Natural Resources Vickram Bharrat presented ExxonMobil Guyana President Alistair Routledge with a Letter of Approval for the company’s 2023 Annual Local Content Plan.

Kaieteur News- ExxonMobil Guyana and its reporting contractors have spent more than $80 billion (US$400 million) with more than 1,500 Guyanese businesses in 2022 alone. This was noted yesterday by Exxon.
In a statement to the press, it said this sum forms part of the more than $180 billion (US$900 million) spent with locals since the first discovery in 2015. By the end of 2022, Kaieteur News understands that the company and contractors had employed over 5,000 Guyanese workers, representing more than 65 percent of the overall workforce in the local oil and gas industry. Notably, the numbers of Guyanese working offshore continued to grow. Among the 2,700 personnel committed to supporting ExxonMobil Guyana’s operations, over 1,300 were Guyanese, constituting approximately 48 percent of the offshore workforce.

Exxon said these numbers will continue to increase as more projects come on stream, providing opportunities for businesses and individuals alike. “We believe that the true measure of our success lies not only in the barrels produced but also in the positive impact we create for our people and the communities in which we operate. By prioritising local talent, partnerships, and investments, we aim to cultivate a thriving and sustainable environment that benefits everyone,” said President of ExxonMobil Guyana Alistair Routledge.
On Monday, the operator received a Letter of Approval from the Ministry of Natural Resources for its 2023 Local Content Annual Plan and its Certificate of Compliance for 2022. The 2023 Plan describes how the company intends to execute projects and implement systems to promote the development of local content this year. ExxonMobil Guyana said its evolving strategic plan for operational growth includes balancing meeting the needs of the business while developing Guyanese content in a phased approach. It is assessed annually to ensure objectives are met in a sustainable and systematic manner.