Greater Guyana Initiative

Stabroek Block Co-Venturers Pledge More Than GY$20 Billion for Guyana Capacity Building Programs

Photo Caption – Greater Guyana Initiative to expand ongoing capacity development efforts in Guyana

GEORGETOWN, Guyana – ExxonMobil Guyana Limited, Hess Guyana Exploration Limited and CNOOC Petroleum Guyana Limited, co-venturers in offshore oil development in the Stabroek Block, in February 9, 2021, announced formation of the Greater Guyana Initiative, a 10-year commitment of more than GY$20 billion (US$100 million) to significantly expand capacity building efforts and promote sustainable economic development in Guyana.

The Greater Guyana Initiative’s capacity development efforts will include programs designed in consultation with Guyana’s Technical and Vocational Education and Training institutions, the Centre for Local Business Development and the University of Guyana. The initiative will also focus on supporting regional initiatives and capacity development of diverse sectors, including health and agriculture.

“Our long-term commitment will support initiatives to further build human capacity, advance education, improve health care and promote sustained economic diversification,” said Alistair Routledge, President of ExxonMobil Guyana Limited. “This work will boost our shared capacity development efforts in Guyana, preparing Guyanese to capitalize on new and expanded economic opportunities.”

The Greater Guyana Initiative’s multi-faceted approach will grow the Guyanese workforce, increase the competitiveness of local businesses across sectors, and build upon the foundation for a thriving business environment and sustained economic growth. To meet the goals of the initiative, national and local leaders, community members and the private sector will be engaged to bolster the effectiveness of programs and ensure alignment with Guyana’s development priorities as they evolve over the coming years.

“We are committed to supporting the long-term sustainable growth and prosperity of Guyana that is shared across the whole of society,” said Tim Chisholm, Vice President – Guyana & Suriname for Hess Corporation. “Guyana’s future has never looked brighter, and we believe that the Greater Guyana Initiative will play an important role in making that promise a reality.”

“The launching of the Greater Guyana Initiative marks a milestone in delivering benefits from the hydrocarbon / offshore economy directly to the Guyanese people,” said Xia Qinglong, Executive Vice President of CNOOC Limited and Chairman of CNOOC International. “Through this collaborative, sustainable and mutually-reinforcing initiative, communities across Guyana would actualize tangible benefits.”

The Greater Guyana Initiative will expand the current support for the Centre for Local Business Development by ExxonMobil Guyana, Hess Guyana Exploration Limited and CNOOC Petroleum Guyana Limited and facilitate its transition into a long-term center of excellence for broader industry. More than 7,000 Guyanese companies are registered with the Centre, which was established by the co-venturers in 2017 with the mission of supporting local businesses to become globally competitive. The Greater Guyana Initiative will also seek opportunities to expand existing support and advance higher education programs at the University of Guyana.

“We’re advancing our partnership with ExxonMobil Guyana Limited, Hess Guyana Exploration Limited and CNOOC Petroleum Guyana Limited through the Greater Guyana Initiative,” said Clinton Williams, Chairman of the Technical and Vocational Education and Training Council. “Our year-long collaboration and planning ensures a comprehensive program of targeted education for youth in the areas of mechanical, electrical and welding as well as tailored training for instructors that is suited for the long-term development needs of Guyana.”

The Stabroek Block co-venturers will evaluate and select capacity-building projects to be included in the initiative. They will consult with local and national stakeholders and utilize third-party experts, including non-governmental organizations, to implement initiatives.

Current activities include three offshore projects – Liza Phase 1 and 2, and Payara. Liza Phase 1 has been producing oil for four years. Liza Phase 2 has been producing since February 2022 and Payara is on track to begin production of oil by the end of 2023. As the projects proceed, investment in the Guyanese economy continues to increase. The number of Guyanese nationals supporting project activities is currently over 5,900 with over US$1.2 billion spent on local suppliers thus far.

ExxonMobil Guyana Limited is the operator of the offshore Stabroek Block with a 45 percent interest. Hess Guyana Exploration Limited holds a 30 percent interest and CNOOC Petroleum Guyana Limited, holds 25 percent interest.