Guyana: Exxon ramps up production as Chevron enters play with Hess acquisition.

  • Published In: Oil & Energy Trends, 2023, v. 48, n. 12. P. 3 1 of 2

  • Database: Business Source Ultimate 2 of 2

Abstract

Guyana has become a key offshore province for US supermajors ExxonMobil and Chevron, with production expected to reach 1.2 million barrels per day (b/d) by 2028. Chevron's acquisition of Hess has given it a 30% interest in the ExxonMobil-operated Stabroek Block, where the majority of Guyana's oil comes from. The country's oil output is set to rise significantly, with six FPSOs expected to be in operation by the end of 2027. Guyana's growth as a low-emissions, low-cost oil producer is expected to be driven by Chevron's presence and its massive cash flow. The country has also seen significant gas output, with plans for potential LNG exports in the future. The increase in oil output and tax revenue is likely to transform Guyana's economy. [Extracted from the article]

Additional Information

  • Source:Oil & Energy Trends. 2023/12, Vol. 48, Issue 12, p3
  • Document Type:Article
  • Subject Area:Business and Management
  • Publication Date:2023
  • ISSN:0950-1045
  • DOI:10.1111/oet.13054
  • Accession Number:174690368
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