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Oil companies to spend US$100M in Guyana to build capacity

Oil companies to spend US$100M in Guyana to build capacity

Over the next 10 years, the consortium of oil companies operating offshore in Guyana’s Stabroek Block will spend at least GYD$20 billion (US$100 million) to build capacity and spur economic development in the country. ExxonMobil, Hess and CNOOC Limited unveiled their Greater Guyana Initiative today.
In a statement, ExxonMobil said The Greater Guyana Initiative’s capacity development efforts will include programs designed in consultation with Guyana’s Technical and Vocational Education and Training Centre, the Centre for Local Business Development and the University of Guyana.

“Our long-term commitment will support initiatives to further build human capacity, advance education, improve health care and promote sustained economic diversification,” said Alistair Routledge, president ExxonMobil Guyana.

“This work will boost our shared capacity development efforts in Guyana, preparing Guyanese to capitalize on new and expanded economic opportunities.”

Tim Chisholm, vice president - Guyana & Suriname for Hess Corporation- said: “We are committed to supporting the long-term sustainable growth and prosperity of Guyana that is shared across the whole of society.”

“Guyana's future has never looked brighter, and we believe that the Greater Guyana Initiative will play an important role in making that promise a reality.”

Xia Qinglong, executive vice president of CNOOC Limited and chairman of CNOOC International, said: “The launching of the Greater Guyana Initiative marks a milestone in delivering benefits from the hydrocarbon / offshore economy directly to the Guyanese people.”

“Through this collaborative, sustainable and mutually-reinforcing initiative, communities across Guyana would actualize tangible benefits.”

Exxon said the project will expand the consortium’s support for the Centre for Local Business Development and facilitate its transition into a long-term centre of excellence for the broader industry. More than 2,400 Guyanese companies are registered with the centre, which was established by ExxonMobil, Hess and CNOOC Limited in 2017.

“We’re advancing our partnership with ExxonMobil, Hess and CNOOC Limited through the Greater Guyana Initiative,” said Clinton Williams, chairman of the Technical and Vocational Education and Training Council.

“Our year-long collaboration and planning ensures a comprehensive program of targeted education for youth in the areas of mechanical, electrical and welding as well as tailored training for instructors that is suited for the long-term development needs of Guyana.”

The Stabroek Block co-venturers will evaluate and select more capacity-building projects to be included in the initiative.
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