Chevron Muscles Into Hottest Oil Patch With $53 Billion Purchase
- Chevron to own 30% of Guyana block; operator Exxon holds 45%
- Deals make US supermajors dominant in two key non-OPEC basins
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The crown jewel of Chevron Corp.’s $53 billion acquisition of Hess Corp. is a piece of larger rival Exxon Mobil Corp.’s prized asset — 11 billion barrels of oil off the coast of South America.
Chevron is gaining a 30% stake in Guyana’s Stabroek Block, home to the world’s largest crude discovery of the past decade and one of its most profitable. The purchase helps the California oil giant narrow the gap with its larger US rival, which owns 45% of the block, operates the project and made its first discovery in 2015. China’s CNOOC Ltd. owns the remaining 25%.