EXXONMOBIL Guyana and its contractors have set a new benchmark for local economic impact, injecting over GY$170 billion into the economy through Guyanese suppliers in 2024 alone, according to its latest annual report.

This massive injection according to the company’s 2024 Annual Report, is among the highest annual local content expenditure since oil production began in the country, and signals the increasing participation of Guyanese businesses in the booming offshore oil and gas sector.

This figure forms part of a broader economic footprint, with the largest US oil producer and its partners Hess Corp and CNOOC having now spent more than GY$525 billion with local businesses since 2015.
But the GY$170 billion in 2024 underlines a major acceleration in local engagement, as production scaled up and major projects like the Yellowtail development and the Gas-to-Energy project took shape.
“Over the past decade, ExxonMobil Guyana, its co-venturers and contractors have spent more than GY$525 billion with over 2,000 Guyanese suppliers for goods and services.
“Their participation shows the ripple effect of our presence, and how oil-and-gas investments expand far beyond the effect of oil production’s direct impacts, helping to grow Guyana’s economy and develop its workforce,” President of ExxonMobil Guyana, Alistair Routledge said in the report.

Currently, more than 2,000 unique Guyanese businesses have provided services to ExxonMobil and its contractors.
In 2024 alone, over 6,100 Guyanese were reported working to support offshore operations, nearly 70 per cent of the oil-and-gas workforce.

The sectors benefiting from these opportunities range from Cargo Management Services, Engineering and Machining, and Pipe Welding to Blasting and Coating. Additionally, emergent sectors like Warehousing, Civil Works and support services, Industrial Cleaning, and Janitorial services are also experiencing growth and investment.

In 2024, a state-of-the-art FPSO facility simulator was commissioned at the Technical Training College in Port Mourant, Berbice, further bolstering Local Content and capacity building.
This training facility provides practical, real-world education, enabling trainees to practice safety, operations, troubleshooting and maintenance activities, equipping them to succeed in new careers offshore.

The Centre for Local Business Development established in 2017 through the Greater Guyana Initiative has been instrumental in expanding local capacity.
Last year, the centre posted over 250 procurement opportunities and hosted more than 30 vendor days, allowing Guyanese businesses to directly engage with industry buyers.
The centre also assisted over 500 companies in adopting international safety and business standards, ensuring their competitiveness in the energy sector.

More than 100 businesses successfully developed or strengthened health, safety, security, and environmental systems in 2024 alone.
This level of investment goes beyond numbers but it reflects a deepening partnership between ExxonMobil and the local private sector.

From mechanics in Linden to caterers in Berbice, and logistics providers along the East Bank corridor, businesses are expanding, hiring, and modernising because of this industry demand.
With production projected to continue climbing in the years ahead, and ExxonMobil committing billions more in development investments, the company anticipates even greater opportunities for Guyanese businesses.

“Guyana’s success over the past year is not just a testament to the country’s natural resources, but also to ExxonMobil’s technology and execution performance, and the foresight and collaboration of Guyana’s leaders, who are committed to establishing the right environment for foreign investment, collaboration and discovery.

“It’s an amazing story, and for all of us at ExxonMobil Guyana it’s a privilege to play a part in it’s unfolding,” Routledge said in the report.