Chevron has agreed to buy Hess for US$53 billion in stock to gain a bigger US oil footprint and a stake in rival ExxonMobil’s massive Guyana discoveries in a move which will bring another US super-major to the Stabroek Block.
According to Reuters, the Chevron deal announced yesterday and a US$60 billion acquisition by Exxon earlier this month will add years of oil and gas production to the two top US producers’ portfolios, much of it from US shale. And the deals will leave European oil rivals that had shifted their focus to renewable energy further behind in fossil fuels, the report.
Up to press time there had been no reaction from the Guyana Government to the deal. Georgetown had been trying to woe Chevron to take up a stake in the local industry and had been hoping that it would do this via bids for new offshore blocks which were recently up for auction.
