-ExxonMobil Chairman & CEO says

GUYANA’S oil ‘boom’ is serving as a catalyst for the transformation of the lives of Guyanese, and according to Chairman and Chief Executive Officer (CEO) of ExxonMobil, Darren Woods, the nation will mark its name as one of the most successful deepwater developments in the history of the oil and gas industry.

“Our work in Guyana is delivering tangible benefits for the Guyanese people. The development of Guyana’s energy economy drove the highest real GDP growth in the world in 2022. The oil and gas industry is directly supporting thousands of local suppliers and Guyanese workers … I believe Guyana will go down as one of the most successful deepwater developments in the history of the industry.”

He made these remarks to investors during the company’s 2024 first-quarter earnings call.

Also, according to a press release on the oil giant’s 2024 first-quarter Corporate Earnings, Guyana’s oil production spells good news for all.

The release quoted Woods as stating: “We delivered a strong quarter with continued growth in advantaged assets, such as Guyana, where production continues at higher-than-expected levels, contributing to historic economic growth for the Guyanese people. In Product Solutions, our strong turnaround performance on cost and schedule helped drive record first-quarter refining throughput.”

He added, “Looking ahead, we’re making great progress on our plans to grow the earnings power of our existing businesses from investments in advantaged assets and higher-value products, and further reduce structural costs. We are investing in technology to transform the molecules derived from oil and natural gas into products that extend our reach into new, high-value, high-growth markets to capture even greater value from our core competitive advantages.”

According to information from ExxonMobil, despite all odds, net production increased by 77,000 oil-equivalent barrels per day and was driven by the initiation of production at the Payara Development project, which reached its capacity of 220,000 barrels per day in mid-January, ahead of schedule. Just last month, ExxonMobil Guyana, announced that it has made an oil discovery at the Bluefin well in the Stabroek Block offshore Guyana. This marked the company’s first discovery of 2024 and signals its continued progress in tapping into Guyana’s vast oil and gas potential.

The Bluefin well, drilled by the Stena Drillmax drillship in 4,244 feet (1,294 metres) of water, encountered approximately 197 feet (60 metres) of hydrocarbon-bearing sandstone.
Situated about 8.5 kilometres southeast of the Sailfin-1 well, in the southeastern region of the Stabroek block, this discovery further bolsters ExxonMobil’s extensive exploration efforts in the area.

The Bluefin discovery adds to the impressive tally of more than 30 discoveries already made on the Stabroek block since 2015, underlining the area’s rich oil potential.
Notably, the Bluefin-1 exploration well is strategically located close to the Suriname border and lies six miles southwest of the Haimara-1 discovery, currently undergoing appraisal for potential gas development.

ExxonMobil’s exploration endeavours received regulatory approval from the Environmental Protection Agency (EPA) in July 2023, enabling the company to proceed with plans to drill up to 35 exploration and/or appraisal wells over the coming years.

This latest discovery reaffirms Guyana’s position as a key player in the global energy landscape and underscores ExxonMobil’s commitment to sustainable resource development in the region.

BETTERMENT FOR ALL
Also, in keeping with the government’s commitment to improving the lives of all Guyanese, Vice-President Dr. Bharrat Jagdeo said that, last year alone, over 350,000 Guyanese benefitted from almost $70 billion in oil revenues, and 1,500 oil- and-gas companies benefitted significantly from the Local Content Act (LCA).

During a press conference at the Office of the President in January, Dr. Jagdeo said that $70 billion out of the budgeted $200 billion in oil revenues was spent on public servants, children, pensioners, those receiving public assistance, and part-time workers.

Additionally, Dr. Jagdeo highlighted that it was over 200,000 children, 74,000 pensioners, and 54,000 public servants who benefitted from those funds. Also, roughly 15,000 persons benefitted from the part-time jobs.

He expounded on several initiatives that the government has been pursuing, noting that thousands of Guyanese are briskly pursuing a rapid developmental path in all avenues.

Within the PPP’s Manifesto, the upgrading of health facilities across the country, including the expansion of diagnostic services at key regional hospitals as well as improved ambulance services, were among the several promises delivered.

Following through on their commitments, there are 12 new regional hospitals being constructed nationwide, along with the upgrading of health centres to further enhance healthcare for all Guyanese.

Further, regarding affordable homeownership, the Vice-President emphasised that over 30,000 house lots were distributed within three years under the PPP/C government. This is a drastic increase when compared to the 7,534 that were allocated under the previous APNU+AFC coalition during its entire five-year tenure.

Dr. Jagdeo also reflected on the education sector, and the limited number of opportunities for citizens under the previous APNU+AFC government. However, under the PPP/C government, thousands of Guyanese from different walks of life are able to access GOAL scholarships.

“If you go around the country, there are tens of thousands of Guyanese who are making progress; they’re getting more jobs. They’re getting more income; they now own a house lot; they are building a home. Many have started a business. A lot more people are in the oil and gas industry, working directly or indirectly for that sector,” the Vice-President remarked.