Oil and gas giant ExxonMobil, which is currently engaged in oil exploration in Guyana, was recently greeted
Natural Resources Minister Raphael Trotman, Public Infrastructure Minister David Patterson and Business Minister Dominic Gaskin in talks with ExxonMobil officials
at its headquarters in the United States by a three-member delegation comprising Natural Resources Minister Raphael Trotman, Public Infrastructure Minister David Patterson and Business Minister Dominic Gaskin.
The Natural Resources Ministry on Friday reported that the delegation had extensive engagements with company executives over a two-day visit between April 28 and 30 last.
They were updated on ongoing and planned exploratory activities following the significant discovery of hydrocarbons in the Liza 1 well, and engaged in interactive sessions which covered important topics such as an exploration update, development of the well for production, and capacity building to ensure Guyanese involvement and ownership in the various stages of development of the industry.
The visiting delegation was also taken on a tour of ExxonMobil’s new campus and ultramodern headquarters, which included its state-of-the-art laboratories where samples of hydrocarbons from all over the world are analysed and processed. The level of attention to detail, impressive facilities for workers, and the work ethic were outstanding features that were evident during the visit.
The visit ended with both Government and ExxonMobil hailing it as highly successful and pledging to deepen relations to enhance cooperation to ensure the smooth, expeditious and mutually beneficial development of Guyana’s oil and gas industry.
The Ministers were accompanied to Houston, Texas by ExxonMobil officials Jeff Simons, Country Manager (Guyana), and Kimberly Brasington, Senior Director of Public & Government Affairs (Guyana). They were joined in Houston for the duration of the visit by Dr Erik Oswald, Vice President (Americas).
Following the historic discovery of significant deposits of hydrocarbons off the coast of Guyana by ExxonMobil in 2015, Government has had several engagements with ExxonMobil officials. Additionally, Government, and in particular, the Ministries of Natural Resources and Finance, “have been working assiduously to enhance capacities to develop policies, identify and apply the appropriate legal mechanisms to manage and regulate the industry, and to ensure that the national patrimony is managed and preserved so that all Guyanese now, and well into the future, can benefit equally”.
President David Granger has already committed to the establishment of a Sovereign Wealth Fund (SWF), a pool of money derived from a country’s reserves, which is set aside for investment purposes that will benefit the country’s economy and citizens.
Back in May of 2015, ExxonMobil announced a startling discovery of some 295 feet of high-quality oil-bearing sandstone reservoir. The well is the first on the 6.6-million acre Stabroek Block. At the time of the discovery, then Natural Resources and Environment Minister Robert Persaud had said the oil find would be a significant boost to the country’s economy.
