Top two oil firms could be operating in Guyana in the next 4 years– Pres. Ali tells U.S conference

Mar 13, 2025 News

Kaieteur News- During his address at CERAWeek by S&P Global on Tuesday, President Irfaan Ali noted that within the next four years, Guyana could have two of the top oil operators working here.

Top two oil firms could be operating in Guyana in the next 4 years– Pres. Ali tells U.S conference

President Irfaan Ali and S&P Global Vice Chairman Daniel Yergin at Day Two of CERAWEEK in Houston, Texas

Currently, oil is only being produced from the Stabroek Block which is operated by America’s top oil producer, ExxonMobil, with oil production over 600,000 barrels per day from three developments in that block. World Oil reported that talk of large-scale data hub development was prominent across CERAWeek’s day-two sessions, and President Ali iterated that Guyana is pursuing this avenue as well. President Ali said, “We’re striving to be a major player on the technical frontier…and we are working on using natural gas to generate power to drive large-scale data centers.”

It was further stated that Ali does not shy away from the truth that oil and gas developments have been the main catalyst for propelling Guyana forward, although he made the distinction that there is a wide array of economic strengths and goals in sight.

The Head-of-State noted, “We want to be known as an economy that was propelled by revenue from oil and gas projects, but also an economy that is resilient and highly integrated,” Ali concluded, “In the next three to four years, we’ll have perhaps two of the largest oil operators in Guyana. A lot of opportunities will be unlocked.”

President Ali’s comments about having two of the largest oil operators working in Guyana comes at a time when he has voiced his support to have Chevron, a major oil producer in the United States, join America’s top oil producer, ExxonMobil, in Guyana’s prolific Stabroek Block. Exxon is the operator of the Stabroek Block which is estimated to hold 11.6 billion barrels of oil. The other partners in that block are Hess, an American company, and CNOOC, both holding 30% and 25% interest respectively.

Hess Corporation is pursuing a US$53 billion merger with Chevron. However, ExxonMobil and CNOOC have initiated arbitration, citing a right of first refusal on Hess’s share of the block. Despite this, Hess expressed confidence that the merger would proceed as planned.

Speaking at the Goldman Sachs Research: Energy, CleanTech & Utilities Conference earlier this year, John Hess, the Chief Executive Officer (CEO) of Hess Corporation, said that the Guyanese government has strongly endorsed Chevron’s anticipated entry into the Stabroek Block. Hess said President Irfaan Ali has made it clear that maintaining a three-way partnership for the block is critical. “The government’s been clear they want a three-way partnership to continue. They don’t want a two-way partnership to own the asset,” Hess outlined. He had said too, “So, President Ali has been very clear about that, he’s gone public, he’s been in the Financial Times speaking about that and he’s very supportive of Chevron becoming the third party in the country.” The arbitration hearing is set for May 2025, with a decision expected approximately 90 days later.

(Top two oil firms could be operating in Guyana in the next 4 years– Pres. Ali tells U.S conference)

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CERAWeek, Chevron, Exxon, Irfaan Ali, S&P Global

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