-revenues equivalent to Guyana’s entire 2024 budget
ExxonMobil Guyana Limited (EMGL) declared a net profit of $614.6b for 2023, up by $36.9b compared to 2022 and its revenue from last year was almost equivalent to Guyana’s entire budget for 2024.
The first Annual Report under its new name, EMGL which was changed from Esso Exploration and Production Guyana Limited last year, the ExxonMobil subsidiary stated that it encountered five dry holes, compared to one in 2022, but that that will not deter their commitment to the Production Sharing Agreement (PSA) it has with this country to maximize exploration in the Stabroek Block.
“In 2023, as you can see in the financial statement, was another profitable year. We increased our profits year over year to around GUY$600b. It is reflective of building on the successes of prior years,” Vice President and Business Services Manager, Phillip Rietema on Thursday told a press briefing following the distribution of the Annual Report.
