Daily Management Review

Guyana's president offers Chevron entry into $150bn oil project


Irfaan Ali, the president of Guyana, would be pleased to see US-based Chevron Corp. acquire shares in the company running the Stabroek Block oil project off the coast of the state, he told the Financial Times.

Scott 97006
Scott 97006
According to the publication, Stabroek Block is one of the most "money-making" projects to be found in recent decades. ExxonMobil controls 45% of the company's operator, Hess Corp. (30%), and 25% is owned by China's CNOOC.

In order to take part in this project, which has a value of over $150 billion, Chevron agreed to purchase Hess in October 2023 for $53 billion.

It was revealed in March 2024 that Exxon had sued Hess for the preemptive purchase of a stake in Stabroek at the International Chamber of Commerce in Paris.

Exxon is certain that the provisions of the agreement between the Guyana project's participants regarding Exxon and CNOOC's priority right to purchase an interest in the oil field apply to the Chevron and Hess transaction.

If the lawsuit is upheld, Exxon CEO Darren Woods stated that purchasing Hess's Stabroek share is "one of the options."

source: ft.com