ExxonMobil Guyana Limited has unveiled its 2023 Annual Report, showcasing a remarkably successful financial year marked by increased production and profits despite the backdrop of lower global oil prices.
According to Phil Rietema, Vice President and Business Services Manager at ExxonMobil Guyana Limited, the company experienced a highly successful 2023, with both production and profits on a steady upward trajectory.
Speaking at a media engagement where the report was presented and elucidated, Rietema highlighted the notable achievements of the year.
Rietema disclosed that ExxonMobil Guyana achieved profits of approximately 600 billion Guyanese dollars, representing a significant year-over-year increase.
He attributed this success to the commencement of operations at the Prosperity Floating Production, Storage, and Offloading (FPSO) vessel, coupled with a full year of production from the Unity FPSO.
These developments led to a substantial boost in production levels, driving profitability for the company.
Remarkably, despite the challenges posed by lower oil prices on the global market, ExxonMobil Guyana managed to buck the trend, emerging as one of the few countries to witness both increased profits and production.
It is important to note that the report accounts for Exxon’s share of the Stabroek Block co-venture and adheres to International Financial Reporting Standards (IFRS) requirements, which differ from the accounting methods stipulated under the Petroleum Agreement with the Government of Guyana.
Looking ahead, Rietema affirmed Exxon’s commitment to its exploration activities in Guyana, with a contract extending until 2027.
He emphasized the company’s dedication to maximizing the potential of the Stabroek Block for the benefit of both Guyanese citizens and Exxon itself.
Despite exploration costs incurred in 2023, including unsuccessful wells amounting to 55 billion Guyana dollars, Exxon remained optimistic, considering these investments as essential for future asset development.
The consortium operating in the Stabroek Block boasts assets valued at over 3 trillion Guyana dollars, with equity reaching 2 trillion dollars.
In conclusion, ExxonMobil Guyana’s stellar performance in 2023 underscores its resilience and strategic vision amidst a challenging global economic landscape, positioning the company for continued success in the years to come.