China National Offshore Oil Corporation's Petroleum Guyana Limited is assisting local residents in installing street lamps.

China National Offshore Oil Corporation's Petroleum Guyana Limited, also known as CPGL, one of the largest Chinese-funded deepwater oil and gas resource developers in Guyana, is dedicated to being a bridge of friendship between China and the South American country.

Since 2014, CPGL, which holds a 25 percent working interest in the Stabroek block offshore Guyana, has been involved in the exploration and development of deepwater oil and gas resources in the Stabroek Block. CPGL's partners in this endeavor are ExxonMobil, which holds a 45 percent working interest, and Hess, which holds a 30 percent working interest.

With over 30 discoveries to date, offshore Guyana has become one of the most remarkable deepwater oil and gas basins globally. CPGL, in its almost 10 years of operation in Guyana, has played a vital role in the economic and social development of the region. Through its investments in the country's oil and gas industry, CPGL has contributed significantly to the rapid growth of the local economy. Official figures from the International Monetary Fund show that Guyana's per capita GDP soared from $5,580 in 2015 to $18,340 in 2022, representing a remarkable increase of 328 percent over the last seven years. For 2023, the IMF is projecting a per capita GDP of $20,500. This outstanding performance has positioned Guyana as one of the world's fastest growing economies.

Notably, CPGL and its partners' initiatives in Guyana have generated employment for more than 5,000 Guyanese. Furthermore, these energy projects have provided invaluable support to more than 1,500 local enterprises, fostering their growth and ensuring their participation in the region's development. Over the past nine years, CPGL has made a steadfast commitment to bolster community development in order to enhance the quality of life for the people of Guyana. The primary focus is on supporting Amerindian (native) communities, education, green development and renewable resources.

As part of its corporate social responsibility efforts, a range of projects have been initiated to support communities across Guyana. These include providing opportunities for local students to study petroleum engineering in China, implementing measures to reduce electricity costs for residents, promoting low-carbon development and assisting the transition from crude oil production to the utilization of both oil and gas resources. In addition, the company contributes to improving the welfare of communities by making donations toward disaster relief, offering scholarships to individuals, establishing a rehabilitation center and organizing an essay competition for high school students focused on green energy.

In 2021, CPGL and its partners ExxonMobil and Hess collaborated to launch a 10-year CSR project called The Greater Guyana Initiative, or GGI, worth $100 million. The primary objective of this initiative is to foster education, training, capacity building, stimulate economic development and improve local healthcare. GGI has provided assistance to various projects, such as the establishment of the Center for Local Business Development, a technical and vocational education and training center, support various programs for the University of Guyana and an inland poultry incubation program.

In March 2023, the Berbice Multipurpose sports facility and stadium project was launched. This is one of the single largest GGI projects to date with a budget of $18 million. This modern state-of-the-art facility is designed to hold 10,000 spectators and will be constructed in accordance with standards set by the International Cricket Council. In addition to hosting matches, this multipurpose facility will be capable of hosting large-scale events such as community gatherings and concerts. This initiative aims to attract sports tourism, improve the cultural experiences of local residents, create local jobs and contribute to the overall growth and development of the region.

According to CPGL, the launch of the GGI in 2021 exemplifies the company's unwavering commitment and dedication to fostering local development.

"The launch of the Greater Guyana Initiative is a major milestone toward our long term commitment to the development of Guyana. It reinforces that the oil and gas industry will directly benefit the people of Guyana," said Liu Yongjie, chairman of CNOOC International.