{"id":88477,"date":"2024-12-23T22:46:04","date_gmt":"2024-12-23T22:46:04","guid":{"rendered":"https:\/\/pakistaninewspaperlist.com\/news\/5-years-of-oil-production-exxonmobil-moulds-guyanas-transformation\/"},"modified":"2024-12-23T22:46:04","modified_gmt":"2024-12-23T22:46:04","slug":"5-years-of-oil-production-exxonmobil-moulds-guyanas-transformation","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/5-years-of-oil-production-exxonmobil-moulds-guyanas-transformation\/","title":{"rendered":"5 Years of Oil Production: ExxonMobil moulds Guyana\u2019s Transformation"},"content":{"rendered":"
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As ExxonMobil Guyana<\/a> is celebrating 5 years of oil production from the Liza Destiny FPSO, it is a good time to take a look at the potential and the problem of the country\u2019s fast-growing oil and gas sector.<\/p>\n

ExxonMobil on behalf of Hess and CNOOC has placed Guyana at the top of the list of emerging oil producer countries with Stabroek Block.<\/p>\n

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Currently increasing its output to over 600,000 barrels per day and anticipated establishment of five more offshore fields by 2030, the scope of activity is massive for such a small country in the Caribbean region.<\/p>\n

Economic improvement has been significant<\/strong><\/h2>\n

According to ExxonMobil, this improvement has been the largest sponsor of Guyanese workers paying as high as 6,000 workers, with $2 trillion invested in local goods and services, benefitted over 1,700 businesses.<\/p>\n

How much of this wealth is actually invested and fructified into enhancing quality of life for the masses?<\/strong><\/h2>\n

Under the Production Sharing Agreement (PSA) signed in 2016, Guyana<\/a> profits from the 26,800 kilometres square area the country made available for oil drilling through the agreement, only earned a maximum of 14.5% of the revenues that include 75% for cost recovery.<\/p>\n

And though in the newer PSA framework that the PPP\/C Government brings in light that terms such as reducing the cost recovery ceiling to 65% alongside raising the royalties to 10%, all these concerns pertain to future contracts only.<\/p>\n

Alike Economical indicators, Environmental issues are most critical<\/strong><\/h2>\n

Multiple Floating Production Storage and Offloadings (FPSOs) are already in use in Guyana\u2019s offshore environment, and concerns regarding oil spill risk mitigation and management of ecological impacts continue.<\/p>\n

According to the company\u2019s present President, Alistair Routledge, there is a directly aligned aspiration with the government for sustainable development.<\/p>\n

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However, the drastic forms of change pose various issues such as the level of transparencies and the level of equality in distribution of wealth.<\/p>\n

Thus, it is the narrative of a success story and a warning tale for the developing, oil-endowed countries on their way to globalization of the global energy markets.<\/p>\n

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

As ExxonMobil Guyana is celebrating 5 years of oil production from the Liza Destiny FPSO, it is a good time to take a look at the potential and the problem of the country\u2019s fast-growing oil and gas sector. ExxonMobil on behalf of Hess and CNOOC has placed Guyana at the top of the list of […]<\/p>\n","protected":false},"author":2,"featured_media":88478,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/channel24.pk\/wp-content\/uploads\/2024\/12\/Picture4-24.webp","fifu_image_alt":"","footnotes":""},"categories":[13],"tags":[],"class_list":["post-88477","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t