{"id":25928,"date":"2025-02-01T19:05:36","date_gmt":"2025-02-01T19:05:36","guid":{"rendered":"https:\/\/ncnguyana.com\/2023\/?p=25928"},"modified":"2025-02-01T19:05:37","modified_gmt":"2025-02-01T19:05:37","slug":"guyana-marks-5-years-of-oil-production-with-significant-local-benefits","status":"publish","type":"post","link":"https:\/\/ncnguyana.com\/2023\/guyana-marks-5-years-of-oil-production-with-significant-local-benefits\/","title":{"rendered":"Guyana Marks 5 Years of Oil Production with Significant Local Benefits"},"content":{"rendered":"
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By Josiah Williams<\/em>
December 19, 2024<\/em><\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Since the start of oil production, Guyana has become the third-largest per-capita oil producer in the world. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

In addition to the success of oil production, the government has launched several key initiatives aimed at maximizing the benefits of the sector. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

The government has also made strides in updating legislation related to the petroleum industry, including the revision of the Production Sharing Agreement. <\/p>\n\n\n\n

Key updates include the introduction of decommissioning funds, anti-flaring policies, and an upcoming Oil Spill Bill.<\/p>\n\n\n\n

ExxonMobil Guyana has also played a critical role in the country\u2019s oil boom, with the company stating that more than 6,000 Guyanese are currently employed in the sector. <\/p>\n\n\n\n

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\u2019s success.<\/p>\n\n\n\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

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