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Oil fight

Jun 26, 2024 Editorial

Kaieteur News – The top two US oil companies are locked in a war for 30% of Guyana’s lucrative Stabroek basin.  Both ExxonMobil and Chevron, ranked number 1 and 2 respectively in the US, and in the top 10 global oil companies, are not yielding an inch in this struggle for a piece of Guyana’s rich oilfields.  For ExxonMobil, it is expanding its already huge 45% footprint in the Stabroek Block to a gigantic 75% control of Guyana’s young but proven oilfields.  Gigantic could turn out to be a monster for the government and Guyanese people, one that is uncontrollable and unchallengeable.  For Chevron Corp, success with its 30% stake would mean getting its foot in the door of the most exciting oil play in the world. The prospects of great prosperity are so high that both companies are putting their best efforts to win, with many resources and man hours thrown into what has already given every indication of a fight to the death.  Amid this corporate struggle between two American oil elephants, there is an irony that staggers the imagination, so unbelievable it is.  The Government of Guyana is also fighting a war, but it is not against predatory, exploitative foreign oil companies from West and East.  The most draining battle being fought is the one that Guyana’s PPP/C Government is waging against Guyanese.

There is no argument that the battle royal going on between ExxonMobil and Chevron over the 30% share of the Stabroek Block is worth every penny spent for the winner.  The square mileage and acreage are vast.  The explorations have yielded a steady stream of billion-barrel discoveries.  The oil is of a high quality.  And, best of all, it is cheap.  Though consigned to the role of a bystander, if the CEO of the Hess Corporation, John Hess, can get his sale to Chevron over the finish line, it would be a big payday for his once cash strapped and bottom feeding third rate Oil Company.  Mr. Hess can’t wait to get his hands on the US$53B that he sold his entire company for to Chevron.  It is an enormous price, but such is the high value of the crown jewel in the Hess Corporation’s portfolio of assets.  It is its 30% share in Guyana’s Stabroek Block that never seems to stop gushing oil.  ExxonMobil has reaped incredible returns; Hess Corporation did so and now stand in excited anticipation of cashing in still further.  Meanwhile, Chevron crosses its fingers and bides its time.  A third arbitrator must be found, and it is someone who must be acceptable to both companies.  This is where the Guyana Stabroek Block fight is stuck currently.  It is a fight that makes the one between the Guyana Teachers’ Union and the Guyana Government look like child’s play.  The Hess to Chevron sale would still have to get the clearance of US regulators who are concerned about possible antitrust violations.

Over here, the PPP/C Government is a picture of unconcern.  Instead of finding a way to capitalize on the ExxonMobil-Hess-Chevron developments, the Guyana Government prefers to concentrate its energies on crushing any oil disagreements from Guyanese.  Limited audits have revealed that ExxonMobil is first tricking Guyana with its multibillion-dollar-invoices, then introducing every kind of delaying action to wear down the will of the PPP/C Government.  The Guyana Government should be the fiercest local force standing up to ExxonMobil and twisting its nose out of joint, so that more can come into the local coffers.  Instead, the PPP/C Government and its leaders have been shameless in groveling before the American oil supergiant and selling out the interests of Guyanese for a pittance.  Worse, the leaders that Guyanese elected to be their government, to manage their oil patrimony well, have turned around and declared war against them.  To speak against ExxonMobil amounts to treason.  To push for more from ExxonMobil for its presence in Guyana’s oilfields makes that citizen an unpardonable enemy in the eyes of the PPP/C Government.  It is the same in the circle of self-enriching cronies, families, and con men.  Oil companies battle it out for Guyana’s treasure, while the PPP/C Government targets its own citizens to keep ExxonMobil happy.

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