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VP Bharrat Jagdeo unconcerned about Exxon’s secrecy on updated Stabroek Block resources
Kaieteur News – Guyana’s Vice President Dr. Bharrat Jagdeo has demonstrated a nonchalant attitude concerning ExxonMobil Corporation’s lack of transparency on updated oil estimates for the Stabroek Block. This is despite persistent questions from analysts, for clarity on the actual size of the resources available, especially in light of the numerous high-profile discoveries made in 2022 and 2023.
Since early 2022, ExxonMobil had pegged the resource estimate at 11 billion oil-equivalent barrels. However, more than a year has since elapsed without any additional updates from the company, even as Exxon announced more high-profile discoveries.
Hess Corporation, a key stakeholder in the Stabroek Block, described 2022 as the “best exploration year” for the block. Last year, Hess’ Chief Executive Officer, John Hess, had said that when the 2022 discoveries are incorporated, the estimate would be due for a major upgrade.
Speaking on the issue during a press conference last week, Vice President Jagdeo stated, “When a discovery is made, you have to go through a number of steps in ascertaining the quantity. And so for me, it’s not a priority [for them to update the estimate]… So I suspect at this point in time, they’re going through. It’s in their interest, Exxon’s interest, to show bigger reserves… But they have to go through a technical process. I suspect that’s all that’s happening now.”
While the Vice President may view the matter with ease, the public sentiment is completely different. Guyanese, aware of the national and economic significance of the Stabroek Block, grow increasingly impatient with Exxon’s reluctance to share updated estimates. Transparency in such matters is not merely about updating figures; it is about holding multinational corporations accountable, fostering trust, and empowering the Guyanese population.
The stakes are high. For ExxonMobil, a publicly traded company, displaying larger reserves could impact their global reputation and influence their stock prices. But for the people of Guyana, these numbers represent future revenue, potential for infrastructure development, job opportunities, and a growing economy.
Dr. Jagdeo is correct to state that updating estimates is a complex process and should be grounded in technical accuracy. However, local stakeholders believe that ExxonMobil’s prolonged silence can’t be ignored and must be viewed in the context of the need for greater corporate transparency. They say it is not simply a matter of patience for technical processes, but rather an issue of public trust.
Despite the Vice President’s lack of concern, industry observers believe Guyanese citizens have every right to demand openness and accountability from ExxonMobil. They charge that the oil beneath the Stabroek Block doesn’t belong to Exxon alone – it is part of Guyana’s national resources and, as such, the country’s citizens deserve to know their true value. The necessity for transparency in this matter is evident, and it is hoped that ExxonMobil will soon provide the awaited update, reinforcing its commitment to open communication.
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