THE EXXON EXODUS

THE ExxonMobil movement from Trinidad and Tobago to Guyana was inevitable, oil experts say. 

ExxonMobil, an American multinational, has spent US $388 million and employed more than 800 companies since 2015 in extensive oil exploration in Guyana. 

The corporation has tapped into major oil-bearing reservoirs, including the rich Whiptail 1 and 2 wells in the Starbroek Block. 

In addition, the Payara field is expected to provide about 600 million barrels of oil. 

ExxonMobil anticipates at least six other oil projects by 2027. 

The size of operations in T&T has been opposite to that in Guyana. 

In addition, the organisation has been having infrastructural works done in various countries, including construction of a vessel in Singapore. 

In Trinidad and Tobago, ExxonMobil’s explorations have been declining, in keeping with the country’s falling energy sector. 

It is also apparent that no multinational is rushing to T&T for construction works in support of their drilling projects. 

In April 2017, Ancel Roget, leader of Oilfields Workers’ Trade Union, infamously told energy giant British Petroleum to “take your rig and ago” when that corporation was seeking to build its Angelin platform.  

ExxonMobil and other energy operators in Guyana have been employing private sector service providers from T&T and elsewhere. 

CounterPunchTT has reported on a flood of contractors who have been vying for projects in the highly viable Guyanese economy, and especially in the energy sector. 

The reputable Oxford Business Group has said: “There are opportunities for Trinidad-based oil service providers to capitalise on support roles…”
The head of a T&T-based consultancy was quoted as saying that “there are substantial opportunities for energy service companies in Guyana, but to take full advantage, it is essential to establish a local partner.” 

Guyanese President Dr. Irfaan Ali has been insisting that contractors of his country must get a share of the expanding economic pie.   

Several T&T-owned companies are looking for pathways into downstream energy projects in Guyana. 

The oil-rich country is providing a lifeline to T&T businesses. 

As for ExxonMobil and other energy corporations, the prospects in Guyana are virtually boundless.