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Guyana benefitting from oil boom through Exxon’s community investments and cricket sponsorship – U.S. Ambassador
(Kaieteur News) – United States Ambassador to Guyana, Nicole Theriot, said Guyana is already seeing tangible benefits from its oil boom, pointing to community projects, corporate sponsorships and training initiatives funded by oil major, ExxonMobil Guyana Limited (EMGL).
United States Ambassador to Guyana, Nicole Theriot
She made the remark during an appearance on SOURCES with journalist Svetlana Marshall. Ambassador Theriot was asked if the U.S. government believes Guyana is benefitting from the oil boom particularly from the 2016 Production Sharing Agreement (PSA) signed with EMGL for the Stabroek Block – which has attracted local criticisms of Guyana receiving the short end of the stick.
Addressing concerns about whether Guyana is receiving a fair deal under its oil agreements, Theriot said while she is not in a position to assess the contract itself, the overall impact has been positive.
“But from my perspective, I think it’s been incredibly beneficial to both sides…just look around when I travel around the country. In fact, I was just in Region One this weekend. I was at Shell Beach and in Mabaruma and in Imbotero and anywhere you look, you will see signs saying, at the bottom, it will say supported by ExxonMobil. They are doing incredible work all over this country,” she stated.
EMGL President Alistair Routledge and the 2022 Guyana Amazon Warriors team.
Moreover, she pointed to initiatives such as Exxon’s sponsorship of the Guyana Amazon Warriors (GAW) for the Caribbean Premier League (CPL) and a recently signed U.S. $100 million agreement to support Science, Technology, Engineering and Mathematics (STEM) development over the next decade. She added, “so many things that are happening in this country for the good are because you have these U.S. companies here and specifically, you have that ExxonMobil consortium.”
The Ambassador maintained that these efforts demonstrate tangible benefits for Guyanese, particularly in education and youth development.
“I think absolutely. There’s no doubt for me that Guyanese are benefiting… so those are just small examples, but I definitely think it’s been a win-win for both of our countries,” Ambassador Theriot stated.
Further, she outlined that there are only 11 Floating Production Storage and Operating (FPSO) simulator in the world and with Exxon’s investment there is one at the Guyana Technical Training Centre in Berbice. “They helped build that centre in Berbice, which will also do training for other sectors. Exxon has done these wonderful, it seems like a small thing, but to me it’s so important… and so I think if you just look at the array of things that they’re doing to improve and to give back to Guyana, I think that it’s incredibly clear that Guyanese are benefiting,” she further stated.
The Stabroek Block is estimated to hold some 11.6 billion barrels of oil. Exxon and its partners Hess and CNOOC began pumping oil in December 2019, and today with four projects in operation is producing close to a million barrels of oil daily. Under the agreement, Exxon can recover up to 75% of monthly production as costs, with the remaining 25% split equally between the company and the government, alongside a 2% royalty paid to Guyana. From its share of profit oil, Guyana is then required to pay the Exxon consortium taxes.
Ambassador Theriot also reminded that while Exxon is still recovering its exploration and development costs, Guyana is expected to see a major increase in revenues in the near future. “But, you know, I will also say that we’re still in the phase where Exxon is recouping the cost of what it spent to discover oil here and next year that will be completed and the government will see a large influx. I won’t give you an exact number because I could be wrong, but a massive influx in revenues and that will clearly benefit the people of Guyana,” she noted.
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She probably should say who is benefiting the most from these oil prices. Also she noted that more American companies are interested in investing in Guyana but doesn’t mention all the tricks they’ll get up to in order to plunder the country’s resources.
Despite the current ‘lopsided’ contract/agreement with EXXON Guyana will have to look to the future that the relationship with the investor is protected/maintained/strengthened and the future realize a fair deal for Guyana and its people!!!
The future looks bright with vast potential for prosperity!!!