ExxonMobil’s affiliate, Esso Exploration and Production Guyana Limited (EEPGL) is poised to spend a whopping $6 trillion in Guyana by 2025. This investment will take into account expenditure on the Payara and Yellowtail Projects.
The foregoing was revealed on Wednesday by EEPGL’s Vice President and Business Services Manager, Phillip Rietema. During a media briefing at the company’s Duke Street Headquarters, he said investments to date total $1.3T.
He said, “With our partners, it is over $3T and with the plans we have in place out to 2025, it will take investments north of $6T. We of course will continue to invest greater than the returns we receive and we will continue to do so for many years.”
The Vice President was also keen to share that after two decades in the Stabroek Block, the subsidiary recorded its first profit which totaled $132B at the end of 2021.
Additionally, the company VP said revenue for the reporting period increased to $254B, reflecting higher production volumes and a stronger price environment versus 2020.
Furthermore, EEPGL’s share of royalty expenses related to the Stabroek Block production was $5.8B, an increase of 184 percent versus 2020.
In its Statement of Financial Position, at year-end 2021, EEPGL’s assets totaled $1.3trillion, an increase of 30 percent versus the prior year mostly reflecting substantial incremental investments in the Stabroek Block.
In closing, Rietema said the performance of the company underscores the years of investments required before operators can expect a pay off.
