ESSO Exploration and Production Guyana Limited (EEPGL), ExxonMobil’s local subsidiary, along with coventurers in the country’s offshore blocks, is committed to investing $4 trillion in the country over the next five years.

This is according to EEPGL’s Vice President and Business Service Manager Phillip Rietema, who made these remarks on Wednesday during a media briefing at the company’s Kingston, Georgetown headquarters.

It was during this briefing that the company provided reporters with its audited financial statements.

When asked about the company’s increase in assets in 2022 and about a possible projection of an increase in 2023, Rietema said that the company’s assets in 2022 did in fact increase by G$1 trillion which in the financial statements signify an increase of around 80 per cent.

He went on to add that the company, however, does not have projections for the year 2023 in relation to the expected increase in assets.

“As I said, we’re committed over the next five years as a CoV (Coventurer) group to invest another four trillion Guyanese dollars. So, you would expect as Payara comes online in the future… yellowtail, the assets will increase over time.”

According to the Business Service Manager, as a coventurer group, if the financial statements are to be looked at, the total assets are in the range of some US $20 billion.
“Those assets reflect all the investments we’ve made to date and are generating as you see significant cash flow for Guyana and for the CoVs and those assets and the cash flow that they generate could be used to deal with any expenses in the future,” he added.

During this briefing, Rietema also revealed that the company has been in Guyana for many years and investing since 1999 and these investments are reflected on the company’s financial statements.

He added that there have been investments of around G$2 trillion even as the profits to date are cumulative to around $600 billion. To this end, he noted that the investments are more than three times their accumulated earnings.