–Gov’t to work with local private sector, international partners to trade crude oil, President Ali says

PRESIDENT Dr. Irfaan Ali has announced plans for Guyana to build its capacity in trading crude oil, through strategic partnerships that will see the country boosting its expertise through knowledge and skills sharing.

This was revealed on Thursday, during the Georgetown Chambers of Commerce’s (GCCI) inaugural Energy Insights and Breakfast Brief held at the Pegasus Corporate suits.

“I will be working with the local private sector and international partners to ensure that we develop our capability and capacity in crude oil trading. We must be able to trade our crude oil from Guyana, with the infrastructure, with the human capital and with the market skills, and that is going to create enormous opportunities for us,” the President said.

These are the “bold decisions” and “bold ideas” necessary to transform Guyana’s future, the President said, highlighting the Vision 2030 as a guiding framework for development across the country.

“We have to get those who have already done it for other countries to work with us in transforming the knowledge, maybe to enter a partnership for the next 5 years until we get the experience to do it on our own.”

He further underscored the important role the business community has to play along with the government in ensuring that sustainable development and social equity are prioritised.

“Social equity must guide our policies, no group, no village, no hinterland community must be left behind, because development is not real until it is inclusive. Development is not measured by barrels of oil pumped, but by the dignity of lives uplifted.”

Already in Guyana, oil revenues are funding massive projects such as the construction of schools, state-of-the-art hospitals, new highways and other critical infrastructure to advance the country’s development.

Back in October 2024, UK-based BB Energy Trading Limited and JE Energy  secured contracts to market the country’s crude oil from its then three floating production storage and offloading (FPSO) vessels.

President Ali stressed the important role of the business community in propelling the country’s future, reminding many of the key players gathered of the critical role they play in the country’s transformation.

“The beating heart of any economy is the business community. Oil is opening doors, yes, but we must not be content with simply walking through those doors. We must build new ones.”

Last month, ExxonMobil Guyana had  started production at Yellowtail, the fourth oil development in Guyana’s offshore Stabroek block. Yellowtail’s One Guyana floating production storage and offloading (FPSO) vessel joins the Destiny, Unity, and Prosperity FPSOs, bringing total installed capacity in Guyana to above 900,000 barrels of oil per day.

“Yellowtail’s ahead-of-schedule startup is a significant milestone for ExxonMobil and the people of Guyana,” said Dan Ammann, President of ExxonMobil Upstream Company. “With Guyanese making up more than 67 per cent of the country’s oil-and-gas workforce and over 2,000 local businesses engaged, this project reflects our deepening roots in the country and our shared commitment to long-term, inclusive growth.”

The One Guyana is the largest FPSO on the Stabroek block to date with an initial annual average production of 250,000 bopd and a storage capacity of two million barrels. Oil produced from the FPSO will be marketed as Golden Arrowhead crude.

By 2030, ExxonMobil Guyana expects to have total production capacity of 1.7 million oil equivalent barrels per day from eight developments.

ExxonMobil Guyana’s deepwater developments are the most successful in the world. In five years, the company has started up four complex offshore mega-projects under budget and ahead of schedule – while simultaneously advancing plans for four additional projects by the end of the decade.