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Guyana’s Government Supportive of Chevron Deal

OIL

Guyana’s Government Supportive of Chevron Deal

Guyana’s government is “very supportive” of Chevron purchase of Hess Corp., which owns a large stake in the Guyana’s oil projects, CEO John Hess said in an interview reported by Bloomberg.

  • Guyana’s government has encouraged the joint venture to develop its oil resources “as fast as we can” to earn revenues for the country and its citizens, Hess said.
  • Chevron will buy Hess’s 30% stake in the Stabroek Block. Production at the site could triple to 1m b/d by 2030, according to Bloomberg, up from 380k b/d currently.
  • ExxonMobil expects Guyana’s oil production to reach a stable 1m b/d by 2028, while Platts estimates it to reach 1.16m b/d by 2030 and 1.4m b/d by the late 2030s.
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