ExxonMobil Guyana recently celebrated a significant achievement alongside its partners, Hess and CNOOC, as they announced the production of 500 million barrels of oil from Stabroek block. This impressive milestone was reached in less than five years since Guyana became an oil-producing nation. The rapid pace of development and collaboration with various stakeholders have propelled ExxonMobil towards unparalleled success in harnessing Guyana’s oil resources.
Key points to consider from this groundbreaking achievement:
- Collaboration with the government of Guyana, co-venturers, suppliers, and contractors has been pivotal in ExxonMobil’s success.
- A commitment of nearly US$55 billion from ExxonMobil, Hess, and CNOOC towards the development of six projects on Guyanaβs offshore Stabroek block.
- The first three projects β Liza Phase 1, Liza Phase 2, and Payara β are currently yielding more than 650,000 barrels of oil per day in production.
- Plans are underway to increase production capacity to over 1.3 million barrels of oil per day by the end of 2027.
- Oil production is expected to contribute significantly to the economic development of Guyana and generate substantial revenue.
The efforts put forth by ExxonMobil and its partners are not only driving economic growth but also creating employment opportunities for thousands of Guyanese individuals who support the Stabroek block operations.
On the other hand, the proposal for a referendum on the ExxonMobil 2016 profit-sharing agreement has been met with criticism by Attorney General Anil Nandlall. He dismissed the idea as politically motivated and deemed it a futile exercise. Nandlall emphasized the legal constraints that prevent unilateral alterations to the agreement without consent from both parties.
While acknowledging the unfavorable terms of the agreement, Nandlall highlighted the importance of upholding the rule of law and honoring international agreements to maintain Guyana’s credibility as a reliable investment destination. By adhering to the terms of the agreement, Guyana aims to attract further investments and solidify its commitment to democratic principles.
In conclusion, the remarkable achievements in oil production in Guyana underscore the importance of collaboration, strategic planning, and adherence to legal frameworks to ensure sustainable growth and economic prosperity. Moving forward, maintaining transparency, honoring agreements, and fostering partnerships will be key in realizing the full potential of Guyana’s oil resources.
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