ExxonMobil assures investors Guyana’s profits will decline to finance future projects

(Kaieteur News) – Guyana’s oil has been used to pay ExxonMobil for the seven projects approved so far – a development that has resulted in the country now receiving a greater share of profits from the Stabroek Block. The Government of Guyana (GoG) has indicated that it is engaging experts to help the country devise a policy with regard to the financing of future projects but Exxon has assured its investors that the country’s oil profits will be shortened again to finance the additional developments.

In its recent earnings call, Exxon’s Senior Vice President and Chief Financial Officer (CFO), Neil Hansen responded to concerns by an investor regarding cash flow for the company in light of the investments being recovered by the operator.

To this end, ExxonMobil executives assured that the oil giant was far from finished with its developments in Guyana, with further exploration activities scheduled and other projects in the pipeline.