Last week, the University of London’s Chancellor Hall hosted a seminar that brought together experts and stakeholders from both Guyana and the Guyanese diaspora, to discuss the country’s oil and gas industry.
Oil giant ExxonMobil was represented at the event by Esso Exploration and Production Guyana Limited (EEPGL) President Alistair Routledge. He not only revealed that Guyana’s annual earnings from the sector will increase to US$10 billion by 2030, but that the company intends to submit its Field Development Plan (FDP) for its sixth project, Whiptail, in October 2023.
“We now have sanctioned five major developments… those cumulatively amount to an investment commitment of well in excess of US$40 billion. You’ll probably appreciate the Government’s budget is [only] a tenth of that. So, it’s a massive investment for the country. They will, we anticipate, deliver by the end of this decade an order of magnitude of US$10 billion a year of revenue to the State.”
“We gave you some numbers. The number that I will anchor on is that 1 million barrels per day of production by 2028. That reflects six projects… the five already sanctioned and the Whiptail project is the one we’re working on right now. We plan to submit a development plan to the Government in October of this year,” Routledge explained.
At the same time this development is happening, the Exxon executive reiterated that the company is a partner in Guyana’s development. According to him, this makes Exxon obligated to ensure it makes a positive impact in Guyana and this is evidenced from the inflows of revenue into Guyana’s coffers and local content opportunities. According to him, all proceeds from the oil industry that are earmarked for Guyana, go into the Natural Resource Fund (NRF), where the Government has since been spending it on the country’s development.
“So exciting times. A lot of development that’s founded on the Stabroek Block. But what we’re very cognisant about in this partnership is that the people of Guyana have now heard that we’re rich. We’ve discovered over 11 billion barrels of oil and that that is worth tens of billions of dollars to the country.”
“But there’s a big gap between discovery of resource, defining the concept, development, making the investment, translating that into revenue, then the Government taking those funds, investing in roads, infrastructure, bridges and hospitals and healthcare and the people of the country seeing the benefits through that.”
The seminar, titled “Navigating a Changing Guyana: Pathways to Prosperity in the Era of Oil and Gas,” came about through a partnership between the Guyana Business Journal, Caribbean Policy Consortium, Guyana SPEAKS, and the Guyana UK Social Development Association (GUSDA).
Convened to engage, enlighten, and explore the implications of Guyana’s expanding oil and gas sector, the event brought together luminaries from various fields and experts from both the private and public sectors in Guyana and the diaspora.
During the seminar, panel discussions were held and critical insights into the opportunities and challenges in the oil and gas sector were explored. In addition to Routledge, the panellists included former Minister of Foreign Affairs and now Guyana’s agent in the Venezuela border controversy, Carl Greenidge, Guyana’s former Ambassador to the United States, Dr Riyad Insanally; Digital Marketing Executive, Dr Rosh Khan; Dr Juanita Cox and Faizal Khan.
The forum also allowed opportunities for networking and collaboration. According to Dr Khan, “the discourse, combined with networking opportunities, reinforced the idea that our collective efforts are the cornerstone of Guyana’s prosperous future. It was a productive evening that forged meaningful connections.”
Meanwhile, Dr Terrence Blackman, the event’s host, and facilitator, expressed his satisfaction with the outcome and added that it was a step in the right direction when it comes to including the diaspora.
“This event underscores the importance of proactive dialogue in shaping Guyana’s future. With vast opportunities on the horizon, it’s imperative that we ensure a holistic and inclusive approach to harnessing the potential that the oil and gas sector promises, not only for Guyana but also for our extended diaspora,” he said.
