ExxonMobil Guyana along with its Stabroek Block co-venturers, Hess Corporation and CNOOC, have made a $20 billion investment in capacity building for Guyanese.
This was announced by President of ExxonMobil Guyana, Alistair Routledge, during a virtual launch of the ‘Greater Guyana Initiative’ this morning.
According to Routledge, the investment is not cost recoverable and the initiative will run for the next 10 years.
“It is a part of our long-term goal and commitment to local content and responsible development to the oil and gas resources of Guyana,” he noted.
Routledge explained that this initiative started with months of discussions with key stakeholders in order to gain understanding of the existing capacity and the areas where these funds can make a difference as part of Guyana’s transformative journey.
He added that ExxonMobil and its co-venturers will choose capacity-building projects to fund in consultation with local, regional and national stakeholders for these programmes to align with the country’s and overall development objectives.
Additionally, third-party experts including NGOs will be enlisted to implement initiatives and assess programme’s effectiveness, the ExxonMobil Guyana President stated.
Already, three local entities – University of Guyana, Technical and Vocational Education and Training (TVET) Council and the Centre for Local Business Development – have received funds and are carrying out programmes as part of the Greater Guyana Initiative.
“Our goals and programmes will evolve over time and include public health initiatives and activities in each of the regions. Over the life of this innovative initiative, my colleagues and I are looking forward to share how these programmes and projects will benefit people in Guyana and give people the tools to access new and expanded economic activities,” Routledge posited.
Meanwhile, President Dr Irfaan Ali lauded the “sizeable” investment by the Stabroek Block Co-Venturers.
According to the President, his government is committed to ensuring that Guyana mitigates the effects of the Dutch Disease and the ‘resource curse’. However, he noted that government cannot do this alone and emphasised the need for collaboration with local stakeholders as well as investors.
He said “The relationship between a government and any investor cannot be measures only by taxation and royalties. Shared values and mutual interests are equally important.”
President Ali noted that he has already made it pellucid to the top executives of the Stabroek Block co-venturers that they need to take a more active role in meaningful local content strategy.
“I have encouraged them to make investments that guarantee the development of key non-oil areas and the advancement of Guyanese. The $20 billion non-cost recoverable initiative is a sizable investment in the future of all Guyanese. It is a forward step of cooperation between my government and the Stabroek Block co-venturers Hess Corp. and CNOOG,” the Head of State asserted.
Meanwhile, representatives from both Hess Corp and CNOOC have also reiterated continued commitment to Guyana’s development.
