By Josiah Williams | December 4, 2024
Regulatory stability will play a crucial role in securing future investments in the Guyana-Suriname Basin, according to Alistair Routledge, President of ExxonMobil Guyana.
Routledge made this statement during an appearance on the Energy Perspectives podcast, a weekly series leading up to the Guyana Energy Conference and Supply Chain Expo.
Routledge emphasized that consistency in the legal and regulatory environment is essential for fostering long-term investment in the petroleum sector.
He highlighted that the stability of the regulatory framework allows investors to plan with confidence, knowing that the rules will remain constant and that investments will materialize over time.
This comes as Guyana anticipates having six oil projects in operation by 2028, with a projected daily production of 1.3 million barrels of oil, while neighboring Suriname is expected to add 200,000 barrels per day.
Routledge also shared insights into Exxon’s ongoing projects, specifically the Hammerhead development, which is currently undergoing a lengthy authorization and permit process.
He hopes to conclude this process by next year and outlined plans for the Longtail project, which Exxon anticipates moving forward with after the completion of Hammerhead.
In addition to offshore projects, which are estimated to total 55 billion US dollars, Exxon is investing in the Guyana Technical Training College Incorporated (GTTCI) in Port Mourant.
This new institution, according to Routledge, will serve as Exxon’s premier training center, equipped with state-of-the-art simulators, equipment, classrooms, and instructors to ensure top-notch training for the next generation of workers in the oil industry.