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Guyana is the key, Guyana the source

Dec 15, 2024 Features / Columnists, News

Editorial…

 Kaieteur News- When corporate leaders go to sleep, Guyana’s oil has to be the last thing on their minds.  When they wake up, Guyana’s oil must be the first thing that comes to their head, shakes the sleep out of them.  For ExxonMobil’s Chief Executive Officer Darren Woods, it is what seems to be the case round the clock.  His company’s prospects are tied to Guyana’s oil, his success as a CEO depends on Guyana’s oil more than most other things.  It is so cheap as almost to be free, and it is of such a quality that it earns top dollars on the world market.  For ExxonMobil’s board, its CEO, and its investors, Guyana is the best thing that has happened to them in a long time.  They can’t stop bragging about how much this country’s oil pushes and solidifies ExxonMobil’s place on top of the oil world.

For sure, ExxonMobil obtains oil from its other holdings, such as the long producing Permian Basin in the American South.  Though the Permian still has some production life in it, the reality is that it is an aging asset.  Guyana is young and fresh, ripe for the delivering of more and more of its oil treasures.  This is where ExxonMobil’s focus is, where its money is being poured.  All of this is sound corporate leadership and good business strategy.  Put the money and energy where the best profit potential is.  What does not make any sense at all is the passive and yielding nature of the Government of Guyana.  The man in charge of the nation’s massive oil wealth, Vice President, Bharrat Jagdeo, is a study in obfuscation, denial, and doubletalk.  If ever there is one who could be rightly described as ExxonMobil’s chief lobbyist and chief defender, it is Guyana’s chief oil policymaker Jagdeo.

There is ExxonMobil’s leader, Darren Woods, who is delighted to announce how Guyana is the key to ExxonMobil’s future plans, while Guyana’s oil leader, Jagdeo, makes himself into a kitten and a puppy.  Woods is on a roll and Jagdeo rolls himself into a ball.  When he should seize the moment and capitalize through ExxonMobil’s much-desired new oil projects, Jagdeo is convulsed with seizures of an unknown kind.  Again, the question has to be asked: what power does ExxonMobil wield over him? What stranglehold on this local oil czar that he doesn’t even care how pitiful he sounds, looks?

Darren Woods is so proud of how ExxonMobil stands in Guyana that his joy bubbles over.  It pushes him to share with his audience how much his company’s upstream strategy is dependent on Guyana’s oil.  As a reminder, oil that is high quality, and oil that is cheap.  It could be said with some justification that Guyana’s oil is almost cost-free and it has elements of what is risk free from an investment return perspective.  CEO Woods is perched atop an American corporate oil giant that calls the shots in Guyana, as a growing body of evidence supports.  When Woods calls the shots here (through Alistair Routledge), Jagdeo and President Ali run for cover.  They are the picture of smiling, bowing, and scraping Third World leaders.  All talk and no walk, all heavy breathing and no heart.  They should appreciate the power of what they have in their hands (this oil patrimony), and the force that it makes of them.  But they will none of that, with both of them being more content to go into reverse gear and get out of Woods and Routledge’s way.  The opposition is no better, for like Jagdeo, it also appears to hew to an ExxonMobil First strategy.

Much more oil is to be produced in Guyana as part of ExxonMobil’s plan.  What is the PPP/C Government’s and Jagdeo’s plan on making a move while that opportunity is hot?  Jagdeo, Guyana’s number one oilman, should be advancing with the confidence of a leader who knows that he holds unbeatable cards.  The record shows, however, that his courage has deserted him, so he goes around and around to avoid taking a strong stand with oil.  Darren Woods is all volume about our oil, Jagdeo is all perfume: sweet for ExxonMobil, sickly for Guyana.

(Guyana is the key, Guyana the source)

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