More than $125B spent with local businesses- Exxon Head
- Company readies for local shorebase to support offshore work
Since 2015, oil giant ExxonMobil and its direct contractors have spent about US$600 million (or GY$125 billion) procuring goods and services from local suppliers, according to Head of ExxonMobil Guyana, Alistair Routledge.
Routledge, in a video statement released to the local media on Monday, said that this sum was spent on over 880 local suppliers.
The money spent adds to the funds Guyana garners in royalties and from the sale from its share of the oil produced. To date, the country has accumulated more than $127 billion (or US$608 million).
Based on information provided by the oil company, via a press release, more than 3,500 Guyanese are supporting ExxonMobil’s activities in Guyana. This is an increase of more than 50 per cent since 2019.
“ExxonMobil Guyana is ensuring that Guyanese are actively involved in the development of the country’s resources,” Routledge asserted.
Routledge also related that ExxonMobil will soon award a contract with a project shorebase that will support the Yellowtail project and future projects. This is expected to increase local participation in fabrication works, for example.
This is expected to form the foundation for a larger port facility on the Demerara river.
ExxonMobil plans to spend US$10 billion (about GY$2 trillion) at its recently approved Yellowtail project, in the Stabroek Block offshore Guyana. This project is expected to produce approximately 250,000 barrels of oil per day starting in 2025.
And this $10 billion project, slated to be the single largest investment in Guyana to date, will include six drill centres and up to 26 production and 25 injection wells.
The company is also now seeking environmental approval for its fifth project: Uaru+.
“This reflects our commitment to steadily and responsibly developing the current resources estimate of more than 10 billion oil-equivalent barrels,” Routledge emphasised.
