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On the move, on the rise
Editorial…
(Kaieteur News) – ExxonMobil is a company always on the go. Forward thinking, ever moving with new plans on how to take the fullest advantage of its stake in Guyana’s oil wealth. It is only halfway in 2026, and already the company has progressed to presenting its 5-year drilling plan for Guyana. What makes the planning of the oil giant so noticeable is that a 35-well oil hunt document is now before Guyana’s Environmental Protection Agency (EPA), and it covers from 2028 to 2033. Obviously, ExxonMobil is not wasting a second with its precious Guyana oil acreage, seeking to locate every barrel of oil that is in the Stabroek Block. One and a half year in advance, and five-year plan for drilling 35 wells sits with Guyana’s EPA.
Those 35 wells for exploration and appraisal purposes represent a huge leap by ExxonMobil. This is going to require many billions. This is why the company does not want to hear the word ring-fencing. When governments keep introducing expensive new projects, part of the scheme is to keep the corruption mill going. When foreign oil companies present their exploration and appraisal plans, for 5 or 35 new wells, the objective is to continue stripping 75% from the top of Guyana’s oil revenues. Spending in the billions opens the door for continued cost recovery to the tune of billions in US dollars. ExxonMobil’s Guyana gravy train delivers its riches without a pause. One well leads to a big discovery, or all 35 are dry, and neither development matters. Cost recovery goes on at its sweetening 75% from oil revenues straight to the company. Which oil company would agree to ring-fencing, when it has that kind of advantage?
Which oil company would agree to even listen to appeals from Guyana’s civil society for ring-fencing, when it has a docile PPPC Government firmly in its corner? The 35-well application is as good as approved by the local EPA. Such is the hold that ExxonMobil has over the Government of Guyana and this nation’s chief regulatory institution. Has Guyana’s EPA ever turned down an application from ExxonMobil, even delayed it slightly? Having not done so, it is not going to start now. Will the PPP/C Government find some pride and use that application as a bargaining chip to push ExxonMobil to the renegotiation or ring-fencing table? We doubt it, since government leaders prioritise one thing above all else: please the powers at the American oil giant, even if that means that Guyanese interests downgrade to the minimum.
ExxonMobil has oil projects already given the go ahead. It also has oil projects waiting for approval. And now, its ambitions are at such a high level that a 5-year, 35-well application, rests with the EPA. By now, we at this newspaper have watched as some hard lessons have unfolded right before the eyes of citizens. For starters, the EPA has a game where it goes through the pretense of reviewing applications from ExxonMobil. While going through that charade, the EPA’s rubberstamp is ready to approve. Second, what has been claimed by ExxonMobil to be public engagements have been nothing but farces. Limits are placed on attendees, rings made around them, and that qualifies as public engagements. Often, agents of the government are present to boost ExxonMobil’s case before attendees. A waste of time, so that more billions can be leeched out of this country’s oil revenues.
It would inspire if Guyanese politicians and Guyanese society would show some indication of matching the energy of ExxonMobil. If there could be some effort to draw close to half the drive of the company to get the most for citizens, and in the shortest time, there would be that inspiration, too. From the time that oil was found offshore, it has all been one way and one-sided. ExxonMobil leads the way. ExxonMobil calls the shots and carves out its own operating space. From the Guyana Government to Guyanese society, the standard has been to allow ExxonMobil the freest rein, then follow contentedly. Other than for a few patriotic voices, this has been the nature of the ExxonMobil-Guyana partnership. ExxonMobil is thinking ahead. Guyanese think of keeping each other down, right where they are.
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