Guyana, Exxon to monitor retention of local content earnings

Guyana, Exxon to monitor retention of local content earnings — Routledge

Jun 18, 2026 News

(Kaieteur News) – Country Manager for ExxonMobil Guyana Alistair Routledge announced on Wednesday that the company and the Government of Guyana will collaborate to introduce an In-Country Value (ICV) system that will allow the monitoring of local content earnings to determine what percentage remains in the country.

Speaking at the Handover Ceremony for the Letter of Approval of Local Content Plans, Routledge reminded attendees that Vice President Bharrat Jagdeo’s vision during the development of the Local Content Act was to ensure that wealth generated by the sector would flow into the local economy.

“That is what is happening in the development of local suppliers. It’s also, though, where we are looking to do some additional work later this year to introduce metrics that will help us to truly understand that in a deeper way. In country value ICV, how much of the money that we spend with the local supplier is actually retained in the country,” he said.

Guyana, Exxon to monitor retention of local content earnings — Routledge

Country Manager for ExxonMobil Guyana Alistair Routledge addressing the audience at the event.

Routledge explained that the monitoring system will assess whether employees are Guyanese and whether earnings are being retained locally through local bank accounts and spending within their families and communities. It will also determine whether the suppliers used by local companies are genuinely local businesses, with owners who possess the required documentation, including Guyanese passports, and who live and bank in Guyana.

“Those are the kind of things that we would like to understand and be able to shine the light on. So, as we make the local content plans for the future, we’re really focusing the efforts in areas that will ensure that maximum value is delivered and retained,” he added.

Turning to procurement and supply chain development, Routledge said the growth of local suppliers has been remarkable. He noted that by the end of last year, there were approximately 2,000 local suppliers operating within the industry.

“In 10 years, from 2015 to 2025 in a small economy like Guyana to have 2000 businesses, locally accredited businesses that are delivering for the oil and sector. I think it really talks, it talks to that partnership between the international companies and then the local investors and business people, who’ve shown the ambition. They’ve taken the risk, they’ve found the financial capability to invest in businesses, they’ve struggled partnerships, all of which none of this is easy, in order that they can meet the standards of the oil and gas industry,” he said.

Praising the efforts of local businesses, Routledge said their achievements have been tremendous and have laid a strong foundation for future growth. According to him, their success has enabled the oil and gas industry to spend US$3.6 billion, or more than GYD$700 billion, with local businesses.

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Alistair Routledge, ExxonMobil Guyana, In-Country Value, local content earnings

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