In his company’s earnings call on Friday, ExxonMobil’s Chairman and Chief Executive Officer (CEO), Darren Woods, shed light on Exxon’s involvement in Guyana’s ambitious gas-to-energy project, deeming it a “win-win proposition” for the country and its people.
During the call, stakeholders sought an update on the timing and implications of the gas-to-power project in Guyana, alongside inquiries about future endeavors of a similar nature.
Woods articulated the project’s significance, stating, “I think this is something that we’ve been engaged with the government on for quite some time. I think as we look at going into some of the countries that are on a growth path, on a developing path, we look for opportunities of how our footprint and presence in those countries and markets can help the people in the community and this is a great example of that.”
He highlighted the initiative’s core objective to transition Guyana’s energy landscape from an inefficient, high-emission system to one characterized by cleanliness, reduced emissions, and enhanced reliability, all while optimizing costs.
Regarding the project timeline, Woods projected completion by the end of 2024, stating, “Our expectation is we’ll have that brought up sometime end of 2024. Obviously the government’s working on the receiving end of that gas and responsible for putting in the power station.”
Furthermore, Woods elaborated on Exxon’s role in developing the distribution system, emphasizing, “We’re also working on the distribution system. And so it’s really – I think the impact of that will come when we get both pieces together and get that linked up and effectively delivering power to the market.”
Woods also hinted at Exxon’s dedication to fostering sustainable energy solutions and driving socio-economic progress in Guyana. He noted that as the project unfolds, it promises to not only redefine the nation’s energy landscape but also exemplify the power of strategic partnerships in realizing transformative change.
