Home Top Stories Guyana Govt committed to improving lives of all its citizens – Hess
– praises Guyana for being blueprint to manage fast-growing economy
Describing Guyana as having the blueprint for how to effectively manage the fastest growing economy in the world, Hess Corporation Chief Executive Officer (CEO) John Hess has lauded the Government of Guyana for its commitment to ensuring the lives of all its citizens improve.
He made these comments only recently, singling out President Dr Irfaan Ali and Vice President Bharrat Jagdeo and acknowledging their role in spearheading the country’s sustainable development while delivering comments at an energy conference. He pointed out the importance of the Low Carbon Development Strategy (LCDS).
“Responsible development of this country’s oil and gas resources is fundamental to Guyana’s future and meeting the world’s growing energy needs. Through Guyana’s Low Carbon Development Strategy, President Ali and Vice President Jagdeo have provided a roadmap for managing one of the fastest growing economies of the world, in an environmentally responsible manner.”
“As Guyana’s oil production continues to increase, the Government of Guyana is committed to ensuring that the country’s growing wealth is invested in sustainable development and enhanced quality of life for all its citizens,” Hess further said.
One example of this that Hess cited is the People’s Progressive Party/Civic (PPP/C) Government’s demonstrated commitment to reinvesting the proceeds of the carbon credit sales it makes from Hess Corporation, into the Guyanese people.
“The Government of Guyana plans to invest the proceeds from the carbon credit purchase agreement, in sustainable development to improve the lives of the people of Guyana… Guyana is blessed with many resources. But the most important is its human resources. So, providing every citizen with access to affordable and high-quality healthcare is critical to the country’s vision.”
President Ali has been an outstanding spokesperson on this subject and the important role oil plays in bringing shared economic prosperity to the people of Guyana and in providing the much-needed oil that is essential for global energy security and economic growth around the world,” Hess further said.
Hess also acknowledged the important role that Guyana is going to play to ensure an orderly energy transition on the world stage. He pointed out that with oil and gas continuing to be fundamental to ensuring an affordable and secure energy transition, Guyana has a unique opportunity to be a role model for oil-producing countries and also developing countries around the world.
As Hess Corp continues to push oil development, the company has reiterated its commitment to ensuring sustainability remains a top priority. In fact, this is reflected in the December 2022 forest preservation agreement between the Guyana Government and Hess Corporation.
The company agreed to purchase high-quality, verified REDD+ carbon credits for a minimum of US$750 million between 2022 and 2032 from the Government – a move aimed at not only preventing deforestation but also supporting sustainable development in Guyana.
With 6.6 million acres (26,800 square kilometres), the Stabroek Block, where Hess is a partner, is considered one of the largest oil provinces discovered in the world over the past 20 years. Since 2015, more than 30 discoveries have been made in the block – nine of which were found last year.
It is anticipated that there are billions of barrels of exploration potential remaining in the oil-rich block, where production activities have been ongoing since December 2019. Currently, the Liza phase 1 and phase 2 developments in the Stabroek Block are operating at a combined gross production capacity of more than 360,000 barrels of oil per day (bopd) using the Liza Destiny and Liza Unity floating production, storage and offloading (FPSO) vessels, respectively.
The third development in the Stabroek Block – Payara – is on track to come online by the end of 2023 with a gross production capacity of approximately 220,000 bopd; while Yellowtail – the fourth development – is slated for 2025 with a production capacity of some 250,000 bopd. Both these development projects have been approved by the Guyana Government.
Uaru is the fifth development and is expected to come online at the end of 2026 with a gross production capacity of approximately 250,000 bopd with first oil anticipated at the end of 2026. The development plan for Uaru was submitted for Government approval in November 2022 and final approval is expected by the end of the first quarter of this year.