Few developments in Guyana’s modern history have been as consequential as the discovery and development of its offshore petroleum resources. The transformation did not happen overnight. It began with exploration, backed by enormous financial commitments from ExxonMobil, sophisticated technology, and, above all, a willingness to take risks in an offshore environment where success was far from guaranteed.
At the centre of that transformation has been ExxonMobil, together with its partners in the Stabroek Block.
Before commercial oil production began, Guyana was just above Haiti as the poorest country on earth.
It is important that the people of Guyana, as well as audiences around the world, remember Guyana’s position before the discovery and development of its offshore petroleum resources. In 2014–2015, Guyana was among the poorest countries in the Western Hemisphere, with a small economy, limited opportunities and significant development challenges.
The decision by ExxonMobil and its partners to pursue high-risk exploration in Guyana’s deep offshore waters was a major investment at a time when there was no guarantee that commercial quantities of oil would be discovered. That risk ultimately paid off, transforming Guyana’s economic prospects and helping propel the country into a new era of growth, investment and opportunity.
Today, Guyana is experiencing economic growth at a pace rarely seen anywhere in the world, while oil revenues and related economic activity are contributing to employment, infrastructure, local businesses, education, energy development and improved opportunities for Guyanese people.
For that reason, the contribution of ExxonMobil and its partners should be recognised as an important chapter in Guyana’s modern economic history. The benefits extend well beyond oil production, creating opportunities across numerous sectors and helping to raise the country’s international economic profile. At the same time, Guyana has seen the emergence of what can only be described as “prophets of doom”—critics who continually portray the country’s oil development in the most negative terms while overlooking the extraordinary economic transformation underway.
Some of these voices are based overseas, while others operate within Guyana, including critics associated with Kaieteur News. Public debate and scrutiny of the oil industry are legitimate and necessary in any democracy. However, criticism should be grounded in facts, evidence and a genuine understanding of the petroleum industry.
Guyana should not allow exaggerated or uninformed commentary to obscure the opportunities arising from its transformation. The people of Guyana have every right to demand accountability from their government and the oil companies. They also have every reason to recognise the progress made and to insist that the country’s development continue.
The story of Guyana today is not one of the poverty of the past; it is a story of a nation using its newfound resources to build a more prosperous future.
That transformation cannot be attributed to a single company or institution. Government policy, Guyanese workers, local businesses, international partners and public investment have all played important roles. But it is equally difficult to discuss Guyana’s economic transformation without recognising the pivotal role of ExxonMobil and its partners in assuming the initial exploration and development risk.
Taking the Offshore Risk
The significance of ExxonMobil’s involvement is best understood by looking back at the years before Guyana became an oil-producing nation.
Exploring for petroleum in deep offshore waters requires enormous capital, advanced technology, specialised expertise and a willingness to accept substantial financial risk. ExxonMobil, as operator of the Stabroek Block with a 45 per cent interest alongside Hess Guyana Exploration and CNOOC Petroleum Guyana, committed to that challenge.
The importance of that decision goes beyond the barrels of crude ultimately produced.
A successful offshore petroleum industry requires an ecosystem comprising engineers, technicians, logistics companies, transport providers, accommodation providers, food suppliers, construction companies, financial institutions, legal professionals, environmental specialists, and countless other businesses.
Guyana’s transformation has therefore extended well beyond the offshore platforms.
From Oil Discovery to Economic Transformation
The IMF has perhaps provided the clearest independent assessment of the scale of Guyana’s transformation.
During its 2025 Article IV consultation, the IMF noted that Guyana had progressed from low- to middle-income status and was now high-income, describing the rapid expansion of oil production as a major factor accelerating that transition. The IMF also highlighted strong growth in the non-oil economy, including construction and services.
The IMF’s assessment is particularly important because it shows that the impact of oil extends beyond the petroleum industry.
Oil revenues have created fiscal space for major public investment, while the broader economic activity generated by the sector has supported construction, services, transport, housing and other industries.
The IMF currently projects Guyana’s real GDP growth at 16.2 per cent in 2026, underscoring the continued strength of the country’s economic expansion.
This is the broader story behind Guyana’s oil boom: the transformation of an entire economy.
Jobs, Skills and the Rise of Local Content
One of the most important benefits of the oil industry is the creation of opportunities for Guyanese people and businesses.
ExxonMobil’s presence has contributed to the development of a local workforce capable of participating in a highly technical international industry. According to Guyana’s Department of Public Information, by the end of 2025, approximately 68 per cent of the workforce supporting the oil and gas sector was Guyanese, including about 1,800 people working offshore. Approximately one-third of Guyanese workers in the sector were women.
The impact on the local business is equally significant.
By the end of 2025, approximately 2,000 local suppliers were engaged in the industry, and an estimated US$3.6 billion had been spent with local businesses.
These figures demonstrate that the benefits of oil should not be measured solely by government revenue or production volumes.
Every local contract can create opportunities for employees, entrepreneurs, suppliers and families alike.
Building Guyana’s Human Capital
The long-term value of the oil industry will ultimately depend on how Guyana uses the opportunities created by petroleum revenues.
ExxonMobil has increasingly emphasised education, training and skills development.
In February 2026, ExxonMobil announced a US$100 million STEM investment to strengthen teacher training, expand practical learning opportunities and create clearer career pathways for Guyanese students. A STEM centre is planned at the University of Guyana, and a nationwide network of STEM centres is also planned.
This is an important dimension of the ExxonMobil-Guyana relationship because it looks beyond today’s oil production to tomorrow’s workforce.
The objective is not simply to create jobs in the petroleum industry. It is to help develop engineers, scientists, technicians and entrepreneurs whose skills can contribute to Guyana’s economy for decades.
Local Businesses Are Becoming Part of the Story
Another less visible benefit is the development of Guyana’s private sector.
The country’s Local Content Act established a framework that requires greater participation by Guyanese businesses and workers in the oil and gas industry. The framework covers areas ranging from transport and accommodation to legal services, marketing, public relations and other support services.
ExxonMobil’s Centre for Local Business Development has also supported local companies by helping them understand the oil and gas industry, improve their competitiveness and prepare to supply goods and services to the sector.
This is one of the most important aspects of the oil boom: Guyanese companies are not merely watching the industry from the sidelines. They are increasingly participating in it.
The Gas-to-Energy Opportunity
Perhaps one of the most important benefits beyond crude oil is Guyana’s Gas-to-Energy project.
Natural gas associated with offshore production is being utilised as part of a major national effort to transform the country’s electricity sector.
The Wales Gas-to-Energy project is designed to generate up to 300 megawatts of electricity. As of July 2026, the transmission network was 99 per cent complete, and the government was targeting the start of power generation by the end of 2026.
The project is expected to reduce electricity generation costs, improve energy security and create new opportunities for industrial development. Government officials have said the initiative aims to significantly reduce electricity costs by replacing imported heavy fuel oil with natural gas.
This could prove to be one of the most significant indirect benefits arising from Guyana’s offshore petroleum resources.
The story therefore shifts from offshore oil production to cheaper, more reliable onshore energy.
The Property and Services Boom
The petroleum industry has also generated demand across Guyana’s property and services sectors.
As international companies, contractors, and workers have arrived, demand for housing, offices, transport, restaurants, hotels, logistics, and other services has risen.
This generates economic activity that extends well beyond the oil platforms.
For property owners and construction companies, the expanding workforce represents a new market. For entrepreneurs, it creates demand for services ranging from catering and transport to professional services.
The oil industry has therefore become an economic multiplier—creating opportunities for businesses that may never produce a barrel of oil.
A Partnership That Is Still Evolving
It would be simplistic to claim that ExxonMobil alone created Guyana’s transformation.
The Government of Guyana established the legal, fiscal and regulatory framework. Guyanese workers have provided the talent and labour. Local businesses have provided services. International partners have contributed technology and capital. Public institutions have been responsible for converting national revenues into infrastructure and social investment.
The more accurate account is that Guyana’s transformation has emerged from the interplay of these forces, with ExxonMobil and its partners playing a foundational role in unlocking the country’s offshore petroleum resources.
That distinction matters.
Recognising ExxonMobil’s contribution does not mean ignoring the responsibilities of government, regulators or the company itself. A mature oil-producing nation should welcome scrutiny, demand transparency, protect the environment and ensure Guyanese citizens receive a fair and lasting share of the benefits.
But scrutiny should not erase history.
Looking Toward a Million Barrels—and Beyond
Guyana’s petroleum production is expected to continue rising as additional offshore projects come on stream.
The IMF’s medium-term projections indicate that production from the Yellowtail, Uaru and Whiptail developments could increase Guyana’s oil output to about 1.2 million barrels per day by 2029.
That scale of production would place Guyana among the world’s major emerging oil-producing jurisdictions.
But the real test will not be the number of barrels Guyana produces.
The real test will be what those barrels enable.
Can Guyana build world-class infrastructure? Can it improve education? Can it strengthen healthcare? Can it create competitive industries? Can it provide affordable electricity? Can it develop a skilled workforce capable of competing internationally? Can it ensure that the benefits of natural resources reach communities across the country?
These are the questions that will define the legacy of Guyana’s oil era.
A Contribution That Should Be Measured in More Than Barrels
The story of ExxonMobil in Guyana is therefore broader than the story of oil.
It is a story about investment and risk, as well as about jobs, local businesses, training, technology, infrastructure and economic opportunity.
It is a story about how offshore petroleum production has helped accelerate an extraordinary economic transformation.
It is also a story that is still being written.
Guyana must continue to ensure that its natural-resource wealth is managed responsibly and transparently for the long-term benefit of its citizens. At the same time, the country should acknowledge the companies and individuals who were willing to invest despite uncertain outcomes.
ExxonMobil and its partners took substantial exploration and development risks in Guyana’s offshore frontier. The successful development of these resources has helped unlock a new economic era for the country.
The challenge now is to ensure that this opportunity becomes a permanent foundation for national development—not simply a temporary oil boom.
Guyana’s future should ultimately be measured not by how much oil it extracts, but by how effectively it converts its natural-resource wealth into a better quality of life, stronger institutions, better opportunities and a more prosperous future for every Guyanese.
And that may be the most important benefit of Guyana’s oil story of all.
The PPP government is working closely with ExxonMobil and partners to improve the standard of living of all Guyanese. Better days are here for the people of Guyana, and new oil revenues will soon continue transforming the lives of thousands of people.