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Exxon Mobil (NYSE:XOM) said Tuesday the company and its contractors spent more than $400M locally in Guyana in 2022 and more than $900M since its first oil discovery in the country in 2015.
The amounts were revealed as Guyana’s government approved Exxon’s (XOM) 2023 local content plan, in which the company describes its strategies to promote local industry.
Exxon (XOM) and its contractors had employed more than 5K Guyanese workers by the end of 2022, including more than 1,300 Guyanese among the 2,700 personnel supporting oil operations in Guyana, the company said.
Guyana’s High Court recently ruled Exxon (XOM) breached its environmental permit in the country for failing to provide adequate oil spill insurance, and said it must provide a liability agreement from an insurance company that would cover potential damages from incidents including spills.
The Exxon-led (XOM) consortium is producing ~380K bbl/day of oil from the offshore Stabroek block, with plans to produce much more.
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