Despite recording an “accounting profit” of US$ 4.73 billion last year, ExxonMobil Guyana Limited (EMGL) is still to recover some GYD$700B from its investment in Guyana. This much was stressed by the company’s Business Service Manager, John Colling.
Earlier today, Colling said that the 62% jump in profit, as compared to 2023 when US$2.92B was recorded, is owed to increased production at the Stabroek Block, the joint venture shared with CNOOC and Hess. He said Payara’s performance is well represented in the increased profit. Production from Payara started in November of 2023.
Colling made it a point to stress, at multiple instances, that while ExxonMobil recorded a profit last year, it is still in the red. That point was often followed by the fact that Guyana has seen handsome revenue while not investing a cent.
While that reality is owed to the fact that it is Guyana’s resource that is being exploited, when Colling noted that Guyana has amassed more than GY$1.3T or US$6.2B from oil profit revenues and royalties since 2020, he was keen to state, “again, with $0 invested.”
Despite the fact that the profit accrued last year, is more that what remains outstanding from Exxon’s investment, Colling could not state when that outstanding investment sum will be cleared.
He said this is because the company continues to reinvest the profits made in Guyana as the contract was designed to incentivize this reinvestment.
