Pres Ali, Jagdeo directed Stabroek Block partners to accelerate oil development -Hess Boss says

Jan 10, 2022 News

Kaieteur News- Hess Corporation’s Chief Executive Officer (CEO), John Hess recently noted that the Guyana Government, particularly President Irfaan Ali and Vice President Bharrat Jagdeo, have given clear instructions for oil development at the Stabroek Block to be accelerated.
During a recent Goldman Sachs Conference, Hess said both Dr. Ali and Jagdeo are very pro-business while adding that their belief is that Guyana has a right to develop its resources. “They have been very clear that they want to accelerate oil development and both publicly stated, especially Jagdeo, at the United Nations in September, that Guyana has a right to develop resources but both said Guyana will do it in an environmentally-responsible manner,” expressed the Chief Executive Officer.

President, Irfaan Ali

Hess also noted that Ali and Jagdeo have been very clear to the joint-ventures that they want them to be capital-disciplined, and environmentally-responsible in their offshore operations. He said, so far the government has been a “very good partner” to the Stabroek Block partners. Given the relationship between the two, Hess said the partners are keen to work towards helping Guyana with the management of its oil wealth.
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Vice President Bharrat Jagdeo.

t week, Kaieteur News quoted the Hess Chief saying that his company and ExxonMobil are helping

g Guyana craft a plan to manage its oil riches. During the same Goldman Sachs’ Global Energy and Clean Technology Conference-2022, the Hess Boss said the support is being provided to Michael Porter of the Harvard Business School who is part of a team in Georgetown for a project called, the Guyana Development Initiative.
Kaieteur News understands that Porter is an American academic known for his theories on economics, business strategy, and social causes. Furthermore, Porter is the Bishop William Lawrence University Professor at Harvard Business School, and he was one of the founders of the consulting firm The Monitor Group (now part of Deloitte) and FSG, a social impact consultancy. He is also credited for creating Porter’s five forces analysis, which is instrumental in business strategy development today.

Expounding further, Hess said the development plan will help Guyana enhance its human capital through healthcare and education and its infrastructure. Already, Hess disclosed that it is partnering with Exxon, also to provide support to help Guyana build an electric plant using natural gas that has been discovered in the Stabroek Block. “(We will) also look at building their national capital to manage this oil wealth and hopefully, five to ten from now, we will be looking at Guyana as a role model for how to develop resources responsibly,” expressed the Hess Boss.

In the meantime, the Hess Boss said that the Stabroek Block partners remain focused on fully understanding the exploration potential of the offshore resources in the Guyana basin, which he described as having industry leading production costs and world-class reservoirs.

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