“Breakneck Production Growth”: Exxon Leverages Guyana Boom In Global Oil Talks

Exxon Mobil Corp. is using its rapid buildout in Guyana as a selling point in talks with other governments looking to develop oil and gas reserves, according to Bloomberg. 

The company says the speed and efficiency of its offshore projects there — which lifted production from zero to nearly 1 million barrels a day in just over six years — show it can execute complex developments better than rivals. Chief Executive Officer Darren Woods calls that a “unique value proposition” for host countries.

“We’re going to bring something unique to you that has great value to you, and then we expect to be compensated for that,” Woods said. “That’s the proposition that we’re making to basically all the resource owners and our customers.”

As major energy firms compete to secure new supplies, Exxon argues its steady focus on oil and gas, along with disciplined project delivery, sets it apart from peers pivoting strategies.

“We can see that in Guyana,” Woods said. “We’re delivering differentiated results. Importantly, our industry peers can see it, and the resource owners can see it.”

Bloomberg writes that oil has transformed Guyana’s economy, building a sovereign wealth fund of about $3 billion and making it one of the fastest-growing countries in the world. Still, inflation, inequality and reliance on Exxon remain concerns, and many high-level industry jobs are held by foreign workers.

To help close the skills gap, Exxon plans to invest $100 million over a decade in science and technology education, establishing STEM centers across Guyana modeled on facilities in Houston. President Irfaan Ali said building local expertise is critical.

“We want an upskilled workforce to be ready for high-paying jobs, to have more knowledge transfer, technology transfer and skill transfer to the local workforce,” Ali said. “We want the capacity to be built in-country.”

Ali has sharply increased public spending since 2021 and plans $7.5 billion in infrastructure investment this year as output is projected to rise 30% to 1.3 million barrels a day in the coming years.

Woods said community support is essential to long-term success. “People in the community have to see the benefits of you being there,” he said. “To think you’re going to go into a community or location and be at odds with the people that you’re living and working with, that equation will never work.”

In negotiations from Angola to Greece and Egypt, Exxon points to Guyana as proof it can deliver more value per dollar — benefiting both the company and resource owners.