Exxon Mobil Gets Approval From Guyanese Government For Local Content Annual Plan; Eyes Partnerships, Investments

Exxon Mobil Corporation XOM has received a letter of approval from the Ministry of Natural Resources in Guyana for its Local Content Annual Plan.
Under the plan, the crude oil and natural gas exploration firm will promote local industry and execute projects for regional partnerships and investments.
"By prioritising local talent, partnerships, and investments, we aim to cultivate a thriving and sustainable environment that benefits everyone," said president of ExxonMobil Guyana Alistair Routledge," said President of ExxonMobil Guyana Alistair Routledge.
The latest development is a part of the more than $900 million spent with locals since the first discovery in 2015.
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The company has also received a Certificate of Compliance from the Guyana government for its 2022 operations.
Exxon Mobil has spent at least $400 million with more than 1,500 Guyanese businesses in 2022 alone.
By the end of 2022, the company and contractors had employed more than 65% of the overall workforce in Guyana's local oil and gas industry (5,000 workers).
Among the 2,700 personnel supporting ExxonMobil Guyana's operations, over 1,300 were Guyanese, constituting approximately 48% of the offshore workforce.
Price Action: XOM shares traded higher by 0.32% at $102.85 premarket on the last check Wednesday.