Hess, CNOOC made no investment in Stabroek Block for two years - financials

Hess, CNOOC made no investment in Stabroek Block for two years – financials

Jul 02, 2026 News

(Kaieteur News) – Two of the three Stabroek Block partners have made no investment in the Stabroek Block for the last two years according to financial statements published by the companies.

Hess Guyana Exploration Limited, a 30% shareholder, in its 2025 financial statement revealed that no contributions from the head office were made for the years 2024 and 2025.

Similarly, CNOOC Petroleum Guyana Limited, the 25% shareholder reported that the Branch’s capital commitment for 2024 and 2025 were not provided. The oil company noted that, “The capital commitments contracted, but not provided for includes estimated payments for the development of Stabroek, Liza Phase 1, Liza Phase 2, Payara, Yellowtail, Uaru, Whiptail, Hammerhead, Guyana Futures and Projects (facilities, subsea, shore base and other, drilling and completions).

Hess and CNOOC made no investment in Stabroek Block for two years - financials

Screenshot showing a section of Hess 2025 financials.

CNOOC 2025 financials indicate financial commitments were not provided for the past two years.

ExxonMobil Guyana Limited, on the other hand which operates the block holds 45% interest. The company indicated that contributions from its head office for 2025 were $46.4B in 2025 and an astounding $105B in 2024.

Recently, Chartered Accountant and Attorney, Christopher Ram raised an alarm over Guyana’s oil revenue being quietly invested by the Stabroek Block partners, delaying the country from receiving a larger portion of revenue, generated offshore.

During a programme hosted by the Oil and Gas Governance Network (OGGN) and aired on Kaieteur Radio 99.1/ 99.5FM, Ram pointed to the implications of the refusal by government to ring-fence the projects in the Stabroek Block.

This mechanism would require that each oil project pays for itself. Once the expense related to that project is recovered by Exxon, the contractor and government would equally split all the revenue generated each month, after the operating expense is deducted.

In the absence of ring-fencing, Exxon takes 75% of all the oil produced to pay for projects that are still to startup.

To this end, Ram told listeners and viewers of the programme, hosted by former Stabroek News Editor, Anand Persaud, that Guyana is investing in the development taking place offshore. Be that as it may, the commentator flagged that the country is not recognised as an investor and does not enjoy any additional fiscal benefits.

He explained, “The implication of this is what is happening, we become an investor because part of that money – the profit share which we are foregoing is being invested and we get nothing for that. It’s more like if government is now a joint venture partner in this transaction and it shows a level of amateurishness and disregard for basic principles of overseeing and managing a contract of this significance and complexity.”

Hess admits

In 2025, Kaieteur News reported that Hess boasted of Guyana’s self-funding projects. The company’s Senior Vice President and Chief Financial Officer, John Riley noted that the operation was generating enough revenue to pay for itself.

At the time, Riley disclosed that the Yellowtail project is set to deliver a substantial boost in free cash flow for the American oil company during an interview, highlighting the transformative financial impact of the company’s operations in the Stabroek Block.

“Yes, Guyana is self-funding and look, it was self-funding now and then. Obviously, when the Yellowtail coming on, you get a whole big jump, and we really do get a big step change in cash flow every time when these FPSOs come on,” Riley said.

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CNOOC, Financial Statements, Hess, Stabroek Block

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