Exxon’s $60B push sends Guyana output soaring to 900,000 barrels — Big opportunity for Diaspora

ACE Consulting Group and ExxonMobil Guyana Limited hosted a forum on Nov. 14 at the Vetro Restaurant in Howard Beach, emphasizing the vast economic opportunities in Guyana and urging business owners and investors to participate as the nation develops.

The Unlocking New Investments for 2030 forum series aims to mobilize Guyana’s diaspora as a key resource to boost human, financial, and knowledge capital, forming a foundation for the country’s present and future success, according to a brief.

Consul General to New York, Ambassador Michael E. Brotherson, opened the New York forum —featuring two panel discussions and Q&A segments — by highlighting that actively engaging Guyana’s diaspora is crucial for the country’s ongoing economic transformation.

“The effort is appositely in consonance with the Government of Guyana’s policy of espousing the diaspora as an integral element of development,” said CG Brotherson.

President of ACE, Rosh Khan, who served as the emcee, expressed his excitement about the New York presentation, which followed a successful seminar in Washington, DC, earlier in the year. He then introduced moderator Wazim Mowla.

Foreign Secretary Robert Persaud, in a presentation, emphasized that engaging the diaspora is crucial to Guyana’s transformation, aligning with both foreign policy and President Irfaan Ali’s vision for inclusive national development.

Responding to the question “what are some of the dynamics and the change you’re seeing in the global system and international policies, and how might that shape the future of Guyana’s  economic development,” Persaud advised that “foreign policy will guide and “allow us to take initiatives and steps in shaping policies, and the type of posture that we want for our country, so that we can navigate some of the changes, needed to operate within.”

Close

Stay Connected to the Caribbean

Get the latest news and updates delivered to your inbox.

Email

Sign Up

He said there has been a global shift in trading arrangements that has brought about uncertainty and caused many countries, to some degree, to face a lack of certainty.

“We did not panic, but rather we sat down, analyzed, and looked at what the opportunities are from a trade standpoint.

“Very early, we see the evolution of our policies and measures put in place on how we can position our country to make full use of the opportunities that came about because of global trade adjustments, by becoming a supply chain.

“We presented Guyana in which we can become a base. A country where you can produce, perhaps, supplying the North American markets, or where industries can set up their operation and benefit from the markets as we accelerate and expand our development.”

“We looked at how we can employ government services to allow us to move very quickly in our quest to have digitization in the public service. We also saw the advent of Artificial Intelligence (AI) as an economic opportunity for the country. This is why Guyana is positioning itself not only as an innovation hub, but in the coming years, to be a host of a mega AI data center,” said the Foreign Minister.

Persaud emphasized that the global Guyanese diaspora can contribute in diverse ways, and outlined opportunities they can access, such as investments, job fairs, or local content partnerships.

Minister Persaud emphasized that local content legislation enables the diaspora, along with Guyanese residents, to form partnerships with companies outside Guyana. He noted it is crucial for the diaspora to engage actively, visit the country, and work directly with the private sector where opportunities are generated.

President of ExxonMobil Guyana Limited, Alistair Routledge, praised Guyana for its great partnership, noting that the oil giant had not been as successful in other parts of the world due to the lack of the same type of partnership. He added that Exxon is privileged to be working in Guyana.

He said working closely with Guyana enables Exxon to execute on a basis that allows the oil and Gas company to ramp up supply at a lower cost, making projects more profitable, so that more money can go to the government of Guyana for infrastructure and the country’s future.

Routledge reported that ExxonMobil’s latest project will bring the total committed investment from the Stabroek block to over US$60 billion, with expected oil production reaching 900,000 barrels per day by next year.

Guyana is already advancing Gas-to-Energy infrastructure at Wales in the Demerara County, using gas from the Liza field in the first phase and from the Hammerhead development in a second phase expected in 2029. The government recently signed a memorandum of understanding with Cerebras Systems, outlining plans to build a 100-MW data center there, powered by gas transported through a pipeline installed by Exxon last year, according to Oil Now.

As ExxonMobil continues investing in Guyana, plan, and align strategies on natural gas-fed projects to be located at an upcoming industrial hub in Berbice, Executive Secretary of the Berbice Chamber of Commerce and Development Association, Imogene Ferdinand, called on the diaspora community to contact the (BCOC) so that they can be linked with businesses that would need assistance.

She added that, due to a shortage of expertise, the chamber of commerce is in the process of implementing ways to connect the diaspora through its social media platforms, thereby bridging the gap.

Fazil Joe Yussuf, advisor on investment and diaspora affairs, encouraged Guyanese abroad to return and participate directly in Guyana’s development, stressing that opportunities require active involvement.

“You cannot just sit here and expect it to happen. Think outside of the box. You can capitalize, for example, in the hospitality or housing sectors.” He also advised Guyanese to form an idea and execute it.

Other panelists included Teij Persaud, Government Relations Advisor at ExxonMobil Guyana Limited, and Rafael Fumis, Country Manager at MODEC Guyana.