Exxon praises Govt. for fast-tracking oil production - Energy Conference hears

Exxon praises Govt. for fast-tracking oil production – Energy Conference hears

Feb 21, 2024 ExxonMobil, News, Oil & Gas

President, ExxonMobil Upstream Company, Liam Mallon

Kaieteur News – Guyana’s oil and gas story is known globally, not only for the massive resources discovered in the Stabroek Block since 2015, but the country’s push to monetize the resources at a record-breaking pace.

The operator of the prolific block, ExxonMobil on Monday told participants of the Energy Conference and Supply Chain Expo, being held at the Guyana Marriott Hotel in Kingston, Georgetown that the government’s agility has enabled the company to act in this manner.

He was referring to swift project approvals by the Guyana government even as stakeholders remain concerned about the pace of oil production in the absence of an unlimited guarantee from the operator to protect the nation from the economic risks posed by a spill.

The government has made it clear that there will be no slowing down of the oil industry while the country struggles to finalize audits of close to US$10B in expenses incurred by Exxon and meet the demands of the rapidly expanding sector.

President of ExxonMobil Upstream Company, Liam Mallon while sharing remarks on day one of the Energy Conference lauded Guyana for demonstrating what the company believes is the right leadership. Mallon went on to reference a Guyanese proverb he believes captures the company’s position.

“There is a Guyanese proverb many of you will know ‘don’t fly past your nest’. This encapsulates our approach. The proverb cautions against going too quickly, too recklessly and reminds us to remember, our limits, act prudently, safely,” he said while adding, “We genuinely take this to heart, the pace I talked about, with which we have brought these developments online speaks to our capabilities, but it’s also a testament to the government’s commitment to remove unnecessary delays out of the permitting, review and approval processes.”

Mallon told the Energy Conference that government’s ability and agility in efficiently fulfilling its role enables Exxon to act quickly and efficiently to fulfill its objective.

According to him, the partnership has resulted in a “true success” and “Governments around the world should take note of the strong signal Guyana is sending to responsible operators with money to invest. This is an appealing place to do business.”

In April last year, Vice President Bharrat Jagdeo revealed government’s plans to embark on a number of measures that will keep the oil industry on the fast track for a minimum of 15 years.

The official said such an approach would include the timely award of production licences as well as encouraging investment in the sector. Given the pace at which discoveries are being made in the Stabroek Block, and the overall speed of development activities, Jagdeo said it is critical that the government adopts a complementary approach to ensure local and foreign businesses are not left with stranded investments.

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enabling, ExxonMobil, Government, oil, pace, rapid

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