In traveling around Guyana and querying public views about Exxon exploration for fossil fuels and its discovery that has resulted in development of oil blocks or fields and pumping of oil, almost everyone is of the opinion that the oil and gas should be extracted and not left under the sea bed. Some views have suggested that the oil should remain under the sea bed. That viewpoint is dwindling as compared with eight or nine years ago. There is an overwhelming positive view of Exxon’s exploration and development of oil industry in Guyana. More and more people appreciate Exxon’s role in the economy.
Some five years ago and going back, it was felt by a significant percentage of views that the oil should remain undeveloped. That was a period of time when few Guyanese knew about Guyana having oil and the enormous benefits that would accrue, such as large amounts of revenues from its development and extraction. Some eight years ago, only about 10% Guyanese knew about Guyana being an oil producing nation. As news spread around via traditional and social media and by word of mouth and comments from politicians and government since 2016, more and more people have become aware of Guyana being an oil producing nation. Earlier this year, based on a survey, over 90% of the local population and even most of the diaspora are aware of Guyana being an oil producing state.
It was consistently noted and penned by critics of Exxon going back 2016 that oil won’t spoil, and that if the country does not get the deal it wants, then the oil should remain underground. The population disagrees. Almost everyone in a survey in September felt that the oil should be extracted and as quickly as possible. They have recognized the huge benefits, the investment made that created jobs and that has also helped to grow local businesses, and the revenues received by the government that leaving the oil underground will not benefit the country. Guyana has received several billions of American dollars since Exxon began exploring for oil and its successful discoveries and development from 2020 onwards.
Critics need to be informed that all (developing) countries (Africa, Latin America, Indian Ocean) that recently found oil are in expedited oil and gas production with hardly any self control and limitation. They are maximizing oil and gas production because of the pressure to turn to renewable energy like solar, wind, and hydro. The new oil states are earning huge amount of revenues. The countries that have been producing fossil fuels for the last hundred years are continuing to develop oil blocks and fields, not abandoning their fields or blocks. They are not decreasing production except when there is a glut they tend to cut production in order to keep prices stable and relatively high. They are not letting up on energy fossil production. Demand for oil and gas has also increased globally, making greater production of fossil fuel energy necessary.
Guyana must do no less. At any rate, Guyana has to increase oil production because Exxon and other oil companies have made huge investments, in the tens of billions in American dollars, that must be recoverable. It would be wrong to tell the companies to pack up and leave after investing so much money. They have to recover their costs or else no company would want to do business with Guyana. And if they were to leave, Guyana would be deprived of billions of American dollars that have been used to prop up the budget and for development like building roads and bridges and doling out contracts to businesses that have made millionaires. Exxon’s contributions to the budget have helped with state payroll of civil servants or the bureaucracy, police, armed forces, teachers, and more. It has also been used for building infrastructure, paying for health, education, pension, and social welfare, among other benefits being received by Guyanese. Soon, the gas from the oil development will be used to generate electricity which will be used to power industries. All round, Guyanese are benefiting from oil exploration, development and pumping of oil.
Continue with extraction of oil and gas!