ExxonMobil Guyana and its partners have made a significant economic impact, channeling over GY$170 billion to local suppliers in 2024, as revealed in their latest annual report. This figure marks one of the highest local content expenditures since the onset of oil production in Guyana and reflects the growing involvement of Guyanese enterprises in the flourishing offshore oil and gas industry.
With their collective spending now surpassing GY$525 billion since 2015, ExxonMobil and its partners, Hess Corp and CNOOC, highlight the rapid growth in local business engagement driven by projects such as the Yellowtail development and the Gas-to-Energy initiative. “The ripple effect of our presence illustrates how oil-and-gas investments foster not just direct production outcomes but also contribute to the broader economic and workforce development in Guyana,” stated Alistair Routledge, President of ExxonMobil Guyana.
Currently, over 6,100 Guyanese workers are involved in supporting offshore operations, making up nearly 70% of the oil and gas workforce. Beneficiary sectors include Engineering, Cargo Management, and Pipe Welding; while emerging industries like Warehousing and Industrial Cleaning are gaining momentum. Furthermore, the commissioning of a new FPSO facility simulator at the Technical Training College enhances training opportunities for the local workforce.
The Centre for Local Business Development has played a vital role in enhancing local capabilities, offering numerous procurement opportunities and aiding companies in meeting international standards. As ExxonMobil plans ongoing investments, the potential for further growth and development within Guyanese businesses looks bright.
Source: guyanachronicle.com
