By Josiah Williams
December 19, 2024
As Guyana celebrates five years of oil production since its historic “first oil” on December 19, 2019, the country has seen transformative changes that are benefiting local businesses and citizens alike.
Dr. Bharrat Jagdeo, General Secretary of the People’s Progressive Party (PPP), highlighted the immense impact that oil production has had on the nation’s economy during a press conference held on Thursday.
Since the start of oil production, Guyana has become the third-largest per-capita oil producer in the world.
Dr. Jagdeo emphasized the significance of the Local Content Act, which has been instrumental in ensuring that Guyanese businesses and workers benefit directly from the burgeoning oil sector.
According to Dr. Jagdeo, over 1,000 Guyanese individuals are currently benefiting from approximately $700 million in business annually, a figure that continues to grow with every passing year.
In addition to the success of oil production, the government has launched several key initiatives aimed at maximizing the benefits of the sector.
Among these is the Gas-To-Energy project, which is expected to save Guyanese between $250 million and $500 million annually by providing free electricity, a development Dr. Jagdeo called a significant milestone for the country.
The government has also made strides in updating legislation related to the petroleum industry, including the revision of the Production Sharing Agreement.
Key updates include the introduction of decommissioning funds, anti-flaring policies, and an upcoming Oil Spill Bill.
ExxonMobil Guyana has also played a critical role in the country’s oil boom, with the company stating that more than 6,000 Guyanese are currently employed in the sector.
ExxonMobil Guyana President, Alistair Routledge, reiterated the company’s commitment to working alongside the government and citizens to ensure that all Guyanese benefit from the oil industry’s success.
The continued growth and development of the oil sector are expected to bring even greater benefits to the people of Guyana in the coming years.