Exxon Bets on Guyana Success to Shape Global Oil Talks

Exxon Mobil aims to use its experience in Guyana's rapidly developing oil sector as leverage in future negotiations with resource-rich countries. The company asserts its ability to construct oil projects faster and more efficiently than competitors, presenting a "unique value proposition" beneficial to both Exxon and host nations.

CEO Darren Woods stated that this proposition involves delivering significant value to countries, with expectations of corresponding compensation. Exxon believes its steadfast commitment to oil and gas, coupled with its project execution capabilities, provides a competitive edge, a fact observable in Guyana's operations.

Guyana now produces nearly 1 million barrels of oil daily, a dramatic increase from six years ago. This surge has established a sovereign wealth fund worth $3 billion and propelled the nation into becoming one of the world's fastest-growing economies.

To foster local capacity, Exxon plans a $100 million investment over the next decade to enhance STEM education in Guyana. This initiative includes establishing workshops nationwide to equip teenagers with skills for high-paying jobs, aiming to avoid the "resource curse" and ensure local benefit.

President Irfaan Ali supports these efforts, emphasizing the need for an upskilled workforce and knowledge transfer. The government is investing heavily in infrastructure and economic diversification, with the non-oil economy showing substantial growth.