Texas-based ExxonMobil is the largest oil producer in Guyana and operates the offshore blocks of Canje, Kaieteur and Stabroek, where it has made more than 30 discoveries since 2015. Alongside its consortium partners, US-based Hess Corporation and China National Offshore Oil Corporation, the company expects to produce an average of 360,000 barrels of oil per day in 2023.

Alistair Routledge, who has served as ExxonMobil’s lead country manager in Guyana since July 2020, explains the progress of the company’s operations in the South American country.

Q: How have oil and gas discoveries in Guyana changed the investment appeal of the country?

A: Our deepwater developments in Guyana are among the most successful of their kind in the world. We’ve discovered nearly 11 billion oil-equivalent barrels of recoverable resources on Guyana’s Stabroek Block since 2015 — more than 11% of the world’s new resources. The ExxonMobil-led consortium in Guyana has committed to investing more than $30bn. 

Q: What is the current progress of the Exxon-led consortium’s operations in Guyana?

A: During the pandemic, when others were scaling back, ExxonMobil and its co-venturers continued investing and developing opportunities in Guyana, helping the country become an oil exporter in 2020 and contributing to the country’s sustained economic growth. We’re focused on helping Guyana develop a globally competitive workforce and supply chain, and we continue to invest strategically in local communities and projects to support the country’s phased and sustainable development plans. One such project we’re currently finalising is the construction of a natural gas pipeline that will provide a source of reliable electricity to Guyanese consumers and businesses, and potentially cut their electricity costs in half.

Q: What is your assessment of Guyana’s overall investment climate?

A: We look for strong business cases underpinned by a stable and predictable investment climate. Our Guyana opportunities are among the most competitive in our portfolio and an integral part of ExxonMobil’s long-term growth plans.

This article first appeared in the February/March 2023 print edition of fDi Intelligence.