First Oil Is Just the Beginning
The road to first oil has, and continues to be, an exciting and remarkable journey. With first oil around the corner, increased investment and economic expansion are already positively impacting Guyana as the country readies itself for the transformational period ahead.
ExxonMobil’s approach to local content in Guyana has been a coordinated and focused effort to enhance the local economic and social opportunities associated with its activities. While still in the early stages, near term opportunities on the journey to oil production are being captured by a wide variety of proactive Guyanese companies. With the business community and broader society preparing for a robust future, investment in knowledge transfer and skills upgrades continues to grow.
The development of communities goes hand-in-hand with the development of the oil and gas industry. Valuable social investments by ExxonMobil since exploration activities began are yielding results. Meaningful partnerships have been established in the areas of education, youth development and the environment, with the goal of contributing to lasting socioeconomic development for the country.
Amazingly, first oil is just the beginning. A third development project in the Stabroek Block, Payara, is underway and ExxonMobil has a number of prospects to continue to explore and potentially develop. Exploration activities are also progressing in other offshore blocks – Tullow recently announced two finds within a single month – and Repsol and CGX are preparing to drill.
With all that has been accomplished to date and significant plans for more to come, the future of Guyana’s oil and gas industry appears bright.