ExxonMobil’s local affiliate, Esso Exploration and Production Guyana Limited (EEPGL), raked in GY$577.7 billion in profits from its operations here at the end of 2022.
This is according to audited financial statements provided to reporters at a media engagement on Wednesday at the company’s Kingston, Georgetown, office.
This figure represents a marked increase from the profit recorded at the end of 2021; then, the company recorded GY$122 billion in profits.
The GY$577.7 billion was garnered after GY$239.7 billion was spent on total operating expenditures. Overall, the company raked in GY$876.8 billion in revenues.
This is the second time the company is recording a profit in Guyana but Vice President and Business Services Manager Phillip Rietema noted that the company has not yet recovered all its investments.
“We’ve been since 1999 and we’ve been spending and investing since 1999 and our balance is over GY$2 trillion in assets and that reflects investments of over GY$2 trillion. Our profits, to date, cumulatively are around GY$600 billion.
“… we have invested over GY$2 trillion with earnings of GY$600 billion so the investments are more than three times our cumulative earnings,” Rietema explained on Wednesday.
Based on the company’s financial documents, it has about GY$2.2 trillion in assets; at the end of last year, the company’s assets were about GY$1.2 trillion.
Nevertheless, he reiterated the company’s commitment to Guyana and said the profits will be reinvested into expanding operations. In fact, EEPGL alongside its coventurers Hess and CNOOC should invest about GY$4 trillion in the Stabroek Block where new projects are coming onstream.
A majority of the company’s operations are focused on the prolific Stabroek Block where there are more than 11 billion barrels of oil.
Production is also ongoing at the Liza Phase I and Phase II fields. About 380,000 barrels of oil are being produced daily.
