— funds to aid in sustainable economic development over the next 10 years

(Guyana Chronicle) EXXONMOBIL, Hess and CNOOC Limited, co-venturers in offshore oil developments in the Stabroek Block, have announced the creation of the “Greater Guyana Initiative,” which is a 10-year commitment of more than US$100 million (G$20B) to significantly expand capacity-building efforts and promote sustainable economic development in Guyana.
The initiative’s capacity development efforts, according to ExxonMobil, will include programmes designed in consultation with Guyana’s Technical and Vocational Education and Training (TVET) Council, the Centre for Local Business Development and the University of Guyana. The initiative will also focus on supporting regional initiatives and capacity development of diverse sectors including health and agriculture.

The multi-faceted approach aims to strengthen the Guyanese workforce, increase the competitiveness of local businesses across sectors and lay the foundation necessary for a thriving business environment and sustained economic growth.
National and local leaders, communities, as well as the private sector will be engaged to bolster the effectiveness of the programme and ensure alignment with Guyana’s development priorities as they evolve over the coming years.

President Dr. Irfaan Ali said that the government supports any initiative which would see long-term, sustained benefits for all Guyanese.
‘This is, therefore, a welcome venture which can result in the transferal of knowledge, skills and capacity to Guyanese,” President Ali said in a message during the virtual launch of the initiative on Tuesday.

The sizeable, non-recoverable investment by ExxonMobil and its partners is aligned with the government’s agenda, which includes, but is not limited to, aggressive infrastructural development, and progressive economic and youth programmes.
“We enact and execute an agenda which would help us to mitigate the impacts of both the Dutch Disease and the natural resources curse… no government can do it alone, we rely on partnerships to find ways and means to ensure that service for all, is for all,” President Ali reasoned.

SHARED VALUES AND MUTUAL INTERESTS
The relationships between the government and investors are not measured solely by taxation and royalties, as it also encompasses shared values and mutual interests, which are equally important.
“Our long-term commitment will support initiatives to further build human capacity, advance education, improve health care and promote sustained economic diversification,” President of ExxonMobil Guyana, Alistair Routledge, said in his remarks.
This work will boost the shared capacity development efforts in Guyana, preparing Guyanese to capitalise on new and expanding economic opportunities.
“We are committed to supporting the long-term sustainable growth and prosperity of Guyana that is shared across the whole of society,” Vice-President of Hess Corporation’s Guyana and Suriname operations, Tim Chisholm, said.

Guyana’s future, he said, has never looked brighter, and they believe that the Greater Guyana Initiative will play an important role in making this a reality.
Executive Vice-President of CNOOC Limited and Chairman of CNOOC International, Xia Qinglong, in his message, said: “Through this collaborative, sustainable and mutually-reinforcing initiative, communities across Guyana would actualise tangible benefits.”430
The Greater Guyana Initiative will expand the current support for the Centre for Local Business Development by ExxonMobil, Hess and CNOOC Limited and facilitate its transition into a long-term centre of excellence for broader industry development.
More than 2,400 Guyanese companies are registered with the centre, which was established by the co-venturers in 2017, with the mission of supporting local businesses to become globally competitive.

CREATE OPPORTUNITIES
Added to the benefits which would accrue to businesses, as mentioned, the Greater Guyana Initiative will also create opportunities for TVET and advance higher education programmes at the University of Guyana.
“We’re advancing our partnership with ExxonMobil, Hess and CNOOC Limited through the Greater Guyana Initiative,” Chairman of the TVET Council, Clinton Williams said, adding: “Our year-long collaboration and planning ensures a comprehensive programme of targeted education for youth in the areas of mechanical, electrical and welding, as well as tailored training for instructors that is suited for the long-term development needs of Guyana.”
The Stabroek Block co-venturers will evaluate and select specific capacity-building projects to be included in this initiative.

Current development activities at the Stabroek Block include the Liza Phases One and Two, and the Payara projects. Liza Phase One has been producing oil for just over a year, while Liza Phase Two and Payara are on track to begin production of oil by 2022 and 2024 respectively.
As those projects move, investments in the Guyanese economy will continue to increase. The number of Guyanese supporting offshore activities doubled in 2020 to more than 2,100, and over GY$67 billion was spent through more than 700 local suppliers.
ExxonMobil affiliate, Esso Exploration and Production Guyana Limited, is operator of the offshore Stabroek Block with a 45 per cent interest. Hess Guyana Exploration Limited holds 30 per cent interest and CNOOC Petroleum Guyana Limited, a wholly-owned subsidiary of CNOOC Limited, holds 25 per cent interest.