ON Tuesday, November 14, ExxonMobil Guyana announced the commencement of production at its Payara Development in the prolific Stabroek Block. This project will take Guyana’s total production capacity to more than 600,000 barrels of oil per day (bpd) next year. With additional projects set to come on stream, Guyana’s total production is on course to surpass 1 million bpd by 2027.

With three fields now producing oil since the first discovery in 2015, the rapid pace of development of the resources in the Guyana basin highlights the importance of investor confidence to the country’s economic development. This translates to more job opportunities and infrastructural and capacity-building projects that will benefit Guyanese.

In 2020, Caribbean Clothing Limited shared that the company was forced to let go of 30 percent of its staff. Fast forward to 2021, they were able to rehire those staff members and also increase their staff complement after winning a contract to manufacture coveralls for the Payara Project. Two local companies were also hired to fabricate fittings for the Prosperity FPSO.

ExxonMobil Guyana has disclosed that some 6,000 Guyanese are now supporting their activities in the country, which represents two-thirds of the local oil and gas workforce. This clearly demonstrates the opportunities available to all Guyanese and local businesses, at large.

Even as Guyanese currently benefit from the burgeoning offshore production, the company and its co-venturers have plugged more than US$1.2 billion into the Guyana economy since 2015. Added to that is the mammoth investment into developing the offshore operations, with the Liza and Payara fields totalling US$18.6 billion.

Additionally, Financial Investment Decisions for the Uaru and Yellowtail development were made to the tune of US$22.7 billion. For comparison, Guyana’s 2018 National Budget stood at US$1.3 billion, while the 2023 budget was around US$3.9 billion.

The oil and gas industry continues to foster growth and opportunities in other sectors such as construction, agriculture, merchandising, administrative and support services, accommodation and food services, and the transport and storage industry.

These benefits speak to the importance of investor confidence in the business environment in which they operate, as massive investments such as these would not occur without a high degree of certainty of returns. Maintaining this level of confidence and interest remains pivotal to ensuring that the country continues to reap benefits.