Tag: Hess Corporation

Offshore discoveries turn tiny Guyana into oil hotspot

Tina Marie (Ms. Cat)

Oct 23 (Reuters) – Chevron (CVX.N) has agreed to buy smaller rival Hess (HES.N) in a $53 billion all-stock deal that will help the oil major secure a foothold in oil-rich Guyana.

The deal makes Chevron a partner with Exxon (XOM.N) in Guyana’s booming oilfields, which are expected to generate 1.2 million barrels of oil per day by 2027.

Hess is part of a consortium, including Exxon Mobil Corp and CNOOC (0883.HK), that operates in Guyana and has made more than 30 discoveries in the country’s offshore waters since 2015. Exxon had a 45% stake in the consortium with Hess owning 30% and CNOOC having a 25% stake.

FACTBOX Offshore discoveries turn tiny Guyana into oil hotspot

Previously:

Venezuela v Guyana re: Essequibo w/Stephen Sefton & Camila Escalante

US seeks to ‘militarize’ Venezuela-Guyana disputed territory

Tina Marie (Ms. Cat)
The Geopolitics in Conflict Show

The Venezuelan Foreign Minister says that the parliament recently passed a referendum protecting the sovereign territory from US encroachment, adding that the US is again trying to interfere in the 200-year-old dispute of Essequibo.

US seeks to ‘militarize’ Venezuela-Guyana disputed territory

Related:

President Maduro Accuses Guyana of Becoming an ExxonMobil Branch Amid Border Dispute (+Geneva Agreement)

Exxon Is The Biggest Winner In Guyana’s Epic Oil Boom

China and Venezuela to Establish ‘All-Weather Strategic Partnership’, Sign 31 Cooperation Agreements

The Venezuelan leader added that his country would continue to back China’s Belt and Road Initiative as well as the internationalization of the yuan, and is also willing to cooperate with Beijing in multilateral forums such as the BRICS group and the United Nations (UN).