OIL: ExxonMobil and partners unveil GYD$20 billion Guyana development project

ExxonMobil and its partners, CNOCC/Nexen and Hess Corp, on Tuesday announced a GYD$20 billion development plan titled  “The Greater Guyana Initiative”, saying that the money would not  have to be recovered.

“I want to be clear that these initiative will be fully funded by the Stabroek Block co-venturers and will not be part of the cost recovery process,” said President of ExxonMobil Guyana, Alistair Routledge at the virtual launch of the project.

Vice President Bharrat Jagdeo on Tuesday February 09, reiterated that Guyana does not have to repay monies spent by the co-venturers on social responsibility projects based on their own initiative.       

The partners said the 10-year development plan is part of its corporate responsibility and would target some government-run vocational institutions to build capacity across Guyana. He said the Greater Guyana Initiative emerged out of wide-ranging consultations with stakeholders and the public to ascertain how best the US$100 million could be spent.

He said ExxonMobil, and the Stabroek Block co-venturers would choose capacity-building projects to fund in consultation with local, regional and national stakeholders.  “We expect these programs to align with the country’s overall development objectives, but not to duplicate existing efforts or funding, and we will seek out third-party experts, including NGOs, to implement initiatives and assess program effectiveness,” he added.

Mr. Routledge said during the past several months, the Greater Guyana Initiative projects have started at the University of Guyana, the Council for Technical and Vocational Education and Training, or TVET, and the Centre for Local Business Development, which has been critical to building local content in the past four years, has expanded its programming.

“Our goals and programs will evolve over time and include public health initiatives and activities in each region,” he said.

He said over the life of the initiative, he and his colleagues would be looking forward to sharing how these projects benefit people in Guyana and give people the tools to access new and expanded economic activities.

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  • Linda  On 02/11/2021 at 11:25 am

    Sounds great. They should start with a new hospital in Georgetown and a few upgraded Clinics in major town/villages across the country. If Guyanese in the diaspora are to be encouraged to return home, then proper health care facilities, including doctors and nurses who are paid appropriately, and medical equipment required for important tests, must be a priority. That is the number one concern of Guyanese living abroad….ask anyone of them.

    • Georgy Porgy  On 02/11/2021 at 11:57 am

      Linda, the people living in Guyana also deserve a proper health care system. The politicians only interested in building bridges and roads. Those projects put money in their pockets.

    • Dennis Albert  On 02/11/2021 at 9:07 pm

      Private hospital charge more than US$2,500 a night for intensive care. The public hospital was underfunded by previous leaders, but the APNU at least tried to bring more healthcare to GT.

  • wally n  On 02/11/2021 at 12:06 pm

    Totally agree, downside, reading between the lines “If Guyanese in the diaspora are to be encouraged to return home” code for old people,the reality is, not a lot of votes.Highways, Bridges, are more useful posters for vote getting. In any case, it would seem they have enough, to do both.

    • Dennis Albert  On 02/11/2021 at 9:10 pm

      Ageism is a shame because Panama, Costa Rica, Colombia and many other countries are glad to get “dem old people” spending their retirement funds in lower cost, warmer climate and a healthier society than the industrialised, cold and “nationalist” European countries who hate brown and Black people with a passion.

  • Chris Prashad  On 02/11/2021 at 1:56 pm

    G$20 billion investment over a period of 10 years is just crumbs off the table of these sharks. We need more flesh on the bones they throw at us, bearing in mind that Guyana foots the bill for the costs of the oil extraction.
    Judging from the world scenario in terms of production costs and quality of the crude oil (in bacteria poops) Guyana stands way above many sources. In my opinion, they can do much more for the country especially in the field of Agriculture, moving away from the synthetic fertilizers culture to regenerative soil recovery and producing fruits and vegetables with regenerative quality. This will help to reduce the incidence of illnesses relating to the consumption of poor quality food laced with synthetic fertilizers and dangerous poisons.
    I am aware that I am stepping on the toes of the lobbyists pushing their GMO agenda etc but it’s time people wake up and kick these scumbags out of the country and stand up for healthy living instead. We have had enough of their bulshittery.

  • wally n  On 02/11/2021 at 3:13 pm

    Actually Agriculture/farming lasts much longer than oil, and tends to be of greater need, not only for Guyana but for the Caribbean.
    One problem, the above is usually a “mindset” and passed on through generations. I have my doubts about the younger generation, even though a very comfortable living is possible, outside influences, not requiring the dedication get stronger every day.
    This maybe one of the reasons some Caribbean countries tend to set up in Guyana?
    With regards to GMO fertilizers, farmers might find it hard, initially, to get away from them, just an opinion.
    One thing I know there is a huge market out there, but no marketing, as yet.
    Hope they take your advice

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