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Loving Exxon
(Kaieteur News) – It is why I like these swashbucklers operating out of Spring, Texas. They know how to keep others on their toes, and to lull their partners in host counties to sleep. There was Big Chief Darren Woods during his 31st July second quarter report breaking open the champagne. He had a lot to share: four new oil discoveries in Guyana likely to “go above and beyond what we thought were opportunities.”
Bigger than the imagination. It could be Beaumont and Spindletop replicated, maybe even a touch of Ghawar in Saudi Arabia, when big game oil hunters like Mr. Darren Woods starts to talk in that effusive manner. Oh my, just when Guyana’s cost bank melted down, and cost recovery went from 75 to zero, the Exxon CEO was suddenly talking about not one spectacular oil discovery, but a total of four in the works.
This was so sensitive that Exxon Guyana Country Head, Mr. Alistair Routledge, was not allowed to do the honors, break the news with the natives, as mostly has been the case. Ever can recall CEO Woods finding the time, dirtying his fingernails, with something as routine as oil discoveries? Not I, certainly. It had to be Mr. Woods with his splashy, mouthwatering announcement to set the investor world buzzing. These guys know how to yank Guyana’s chain. Oil reserves and new oil discoveries have been at a standstill for years now. Mr. Routledge was handed the dirty end of the stick. He had to craft narratives about ‘reserves in hand’ and ‘monetization’ and more corporate gobbledygook. One was that it takes years to attach a number to discoveries. Thanks for nothing, Mr. Country Head. Somebody around here needs to get a full CT scan of their head. It’s not me.
Because the mystery is a mystery no more. What Mr. Routledge couldn’t say, Mr. Woods monopolised the microphones, did him four times better. Four world-class discoveries pending, if I may borrow Chief Ali’s favourite word. In fact, I think this goes beyond world-class. World-class is too lame, too pedestrian, based on what Mr. Woods shared with Exxon’s shareholders. More likely to be out of this world. Was that heard, fellow Guyanese? While Mr. Routledge was hemming and hawing and hewing to the winds, there is Mr. Woods laying it out as if he was on the outside lane of the German autobahn. No speed limit.
What’s hair-raising from a Guyanese standpoint is how no sooner the US$55 billion is paid off, and the cost bank has been retired than it is set to bounce right back to life. From 50:50 of Net Oil Revenues, it’s looking like back to half of 25 percent for Guyanese. Four magical new oil discoveries will push to that place. Trust a trusted partner to deliver such creativity. Trust Mr. Woods to speak as though the four discoveries are a future development matter. I think Exxon knew all along what was lying underfoot in the Stabroek Block. They just had to get the timing right. Before they revealed the fine print. It’s perfection in action! I think I’m going to take up palm reading. I can read these Exxon guy like the back of my hand. They lie in ambush, then bushwhack Guyanese.
What will it be? Four times 11.6 billion barrels? Guyanese will take twice as much as they know currently, and be happy. Truth be told, Guyanese are so jaded, so docile, that they will take anything that is shoved into their ear. By anybody. Time for some spiritual consolation. It is said that the Lord giveth, and the Lord taketh away. Guyanese got a whiff of fully paid off and 50/50 profit share in the cards. Mr. Woods was right there to stir some more excitement: four new oil discoveries coming up. They will bust up whatever was seen before. Setup, then smash up. See why I hold these Exxon princes so highly? As highly as I would a cobra or a viper.
The views expressed in this article are those of the author and do not necessarily reflect the opinions of this newspaper
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