Continued progress means achieving local content goals – ExxonMobil CEO

Achieving the goals of local content will see continued progress for Guyanese and local companies, Chief Executive Officer (CEO) of oil giant ExxonMobil, Darren Woods has stated.

He said Esso Exploration and Production Guyana Limited-the local ExxonMobil affiliate, has made progress in advancing local opportunities for the people of Guyana. To date, there are now more than 3,500 Guyanese and 800 local suppliers supporting ExxonMobil’s activities.

Chief Executive Officer (CEO) of oil giant ExxonMobil, Darren Woods

He shared his perspective during his keynote presentation to the International Energy Conference and Expo on Tuesday, at the Marriott hotel, Georgetown.

“And, through our partnership, we remain committed to making further advancements,” Woods noted of his company’s investment here.  

The Local Content Bill, passed in the National Assembly recently, lays out 40 different services that oil and gas companies and their subcontractors must procure from Guyanese companies by the end of this year.

For instance, these companies must procure from Guyanese companies, 90 per cent of office space rental and accommodation services; 90 per cent janitorial services, laundry and catering services; 95 per cent pest control services; 100 per cent local insurance services; 75 per cent local supply of food; and 90 per cent local accounting services. These are just a few of the services highlighted in the first schedule of the Local Content Bill.

Meanwhile, Woods recalled the Greater Guyana Initiative, a ten-year, $100 million commitment by the Stabroek Block co-venturers to support local capacity-building programmes. The first phase is funding significant expansion of the Centre for Local Business Development through technical, education and training programmes, and more recently, support to the University of Guyana.

“We’re hopeful that these efforts will continue to expand the growing opportunities for Guyanese workers. This is an impressive result, and there are many to thank, including the Government of Guyana, our partner companies and key contractors. and many Guyanese businesses and organisations. That’s the focus of the gas-to-energy project, the Greater Guyana Initiative and other efforts to develop capacity and maximise local content,” the CEO stated.

The gas-to-energy project, set to come on stream by 2024, will transport up to 50 million cubic feet of natural gas per day, by pipeline, from Liza Phase 1 and 2 to processing facilities onshore. This new domestic natural gas supply, would provide a lower-emission source of energy and reduce the cost of electricity in Guyana by 50 per cent.

The CEO said the company is working with the government on this project and expects to see significant progress.