Declaring a staggering $132B profit for the fiscal year 2021, ExxonMobil’s local affiliate Esso Exploration and Production Guyana Limited (EEPGL) yesterday said that it was the first it had made since it entered this country 23 years ago.
However, the company was quick to point out that the sum invested since that time is over $3 Trillion with $1.3 Trillion coming from its own coffers, and the overall sum doubling by 2025.
“What you will see in the financial statements is that we generated $254B of revenue and $132B of profit in 2021. This was the first year since our inception in 1999, that we generated profit in Guyana, underscoring the complexity of our business and the years of investment required before payoff,” Vice President and Business Services Manager, Phillip Rietema yesterday told media personnel at the company’s Duke Street Head Office.