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‘ExxonMobil is here to stay’ – Routledge declares
(Kaieteur News) – President of ExxonMobil Guyana Limited (EMGL), Alistair Routledge, on Friday made it clear that “Exxon is not going anywhere,” dispelling concerns about any potential pullback from the oil giant in face of the tension between Guyana and Venezuela.
At the launch of the fifth annual Guyana Energy Conference and Supply Chain Expo, Routledge was asked if at the conference, scheduled for February, Exxon would address topics such as contingency plans in the event of any spillover from conflict with Venezuela. He noted that matters of international affairs are the responsibility of the Government of Guyana to manage and “take care of.”
President of ExxonMobil Guyana Limited (EMGL), Alistair Routledge
Routledge added, “We are not going anywhere, ExxonMobil is not going anywhere, we have a contract here, we are executing our commitment under the contract and that’s what we are focused on.”
EMGL is the operator of the Stabroek Block alongside partners Hess Corporation and CNOOC Petroleum Guyana Limited. The 6.6-million-acre block is estimated to hold 11.6 billion barrels of oil equivalent resources, with daily production reaching 900,000 barrels from four projects, and four more scheduled to come onstream before the end of the decade.
The Production Sharing Agreement (PSA) for the Stabroek Block allows Exxon and its partners to recover 75 per cent of oil production to recoup investment costs, while the remaining 25 per cent, considered profit is split evenly between Guyana and the consortium, each receiving 12.5 per cent. The consortium also pays a 2 per cent royalty to Guyana. However, the PSA also stipulates that the Government of Guyana must pay the oil companies taxes from its share of oil revenues.
Notably, ExxonMobil Corporation Chief Executive Officer (CEO), Darren Woods had previously stated that he is unfazed by the territorial controversy between Guyana and Venezuela, asserting that it won’t hinder the oil giant’s activities in the region. He underlined Exxon’s commitment to continue its development of massive offshore oilfields in Guyana, undeterred by external geopolitical challenges.
Routledge’s remarks follow heightened geopolitical activity, including months of United States military strikes in the Southern Caribbean on drug traffickers and putting pressure on Venezuela.
Moreover, Guyana and Venezuela are also before the International Court of Justice (ICJ) over Venezuela’s claim to the Essequibo region, which accounts for two-thirds of Guyana’s mineral-rich territory. Guyana submitted its application to the ICJ in March 2018, seeking a final and binding judgment on the validity of the 1899 Arbitral Award that settled the border issue between British Guiana and Venezuela.
Amid high tensions in 2023, President Irfaan Ali and President Nicolas Maduro met and signed the Argyle ‘Peace’ Declaration on December 14.
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Exxon is only there to stay if the Guyanese people permit them to stay; the oil and the country does not belong to them even though they act as though they are still LORDS of the past Colonial Empire. The generation Z and X are cowards, only taking to social media=, hide and bombard others with rhetoric and garbage. Instead of taking to the streets and revolt against the carnage and pillage of our forests, waterways and interior, they rely on social media to rant and rave about NONSENSE.