ExxonMobil, Hess and CNOOC Limited, co-venturers in offshore oil development in the Stabroek Block, today announced the formation of the Greater Guyana Initiative, a 10-year commitment of more than G$20 billion (US$100 million) to significantly expand capacity building efforts and promote sustainable economic development in Guyana.
Exxon in particular has come under withering attack for carting off a lopsided deal with the APNU+AFC government in 2016 that will likely deprive Guyana of billions of dollars.
In a statement, the three partners said that the Greater Guyana Initiative’s capacity development efforts will include programmes crafted in consultation with Guyana’s Technical and Vocational Education and Training, the Centre for Local Business Development and University of Guyana. The initiative will also home in 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 ExxonMobil Guyana. “This work will boost our shared capacity development efforts in Guyana, preparing Guyanese to capitalize on new and expanded economic opportunities.”
The announcement comes amid more troubling news for Guyana with Exxon and its partners having to resume flaring large quantities of gas from its Liza-1 well.
The statement said that the Greater Guyana Initiative’s multi-faceted approach will expand the Guyanese workforce, bolster competitiveness of local businesses across sectors, and consolidate the foundation for a thriving business environment and sustained economic growth. To meet the objectives of the initiative, national and local leaders, community members and the private sector will be worked with to bolster the effectiveness of programmes and ensure alignment with Guyana’s development priorities as they evolve.
“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”, he said in the statement.
“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 statement said that the Greater Guyana Initiative will expand the current support for the Centre for Local Business Development by ExxonMobil, Hess and CNOOC Limited and facilitate its transition into a long-term centre of excellence for broader industry. More than 2,400 Guyanese companies are registered with the centre, which was set up by the co-venturers in 2017 with the mission of supporting local businesses to become globally competitive. The initiative will also seek opportunities to advance higher education programmes at the University of Guyana.
“We’re advancing our partnership with ExxonMobil, Hess and CNOOC Limited through the Greater Guyana Initiative,” said Clinton Williams, chairman of Technical and Vocational Education and Training Council. “Our year-long collaboration and planning ensures a comprehensive programme 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”, he said, according to the statement.
