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HomeNewsRegional NewsOil company pumps billions of dollars into Guyana's economy

Oil company pumps billions of dollars into Guyana’s economy

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GEORGETOWN, Guyana, CMC – Oil company ExxonMobil Guyana says it has injected more than GUY$80 billion into the local economy as the government this week approved its 2023 plan as well as providing a certificate for complying with its local content plan last year.

The GUY$80 billion in investment forms part of the more than GUY$180 billion spent since 2015.

“By the end of 2022, the company and contractors had employed over 5,000 Guyanese workers, representing more than 65 per cent of the overall workforce in the local oil and gas industry.

“Notably, the numbers of Guyanese working offshore continued to grow. Among the 2,700 personnel committed to supporting ExxonMobil Guyana’s operations, over 1,300 were Guyanese, constituting approximately 48 per cent of the offshore workforce,” the company said in a statement.

The company said in the 2023 plan it intends to execute projects and implement systems to promote the development of local content this year.

“ExxonMobil Guyana’s evolving strategic plan for operational growth includes balancing meeting the needs of the business while developing Guyanese content in a phased approach,” the company said, adding “It is assessed annually to ensure objectives are met in a sustainable and systematic manner.”

ExxonMobil Guyana president, Alistair Routledge, said “We believe that the true measure of our success lies not only in the barrels produced but also in the positive impact we create for our people and the communities in which we operate.

“By prioritising local talent, partnerships, and investments, we aim to cultivate a thriving and sustainable environment that benefits everyone,” he added.

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