On a mission to provide affordable, reliable and ever-cleaner energy, Chevron Corporation (Chevron) is a leader in the global integrated energy market. Across its wide sphere of operations, Chevron delivers crude oil and natural gas, whilst manufacturing fuels, lubricants, petrochemicals and additives to support human progress. From this basis, Chevron has been carrying out vital energy projects across the world, with Guyana being one of the newest sites for the company’s development. Following key acquisitions, Chevron is now one of the largest acreage holders along the US Gulf Coast, delivering significant energy and economic development for Guyana in the process.
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Chevron is focused on delivering energy infrastructure for the demands of today, whilst delivering reliable energy systems that can tackle the energy needs of tomorrow. To achieve this, Chevron focuses on sustainability and technology across its operations. Every project delivered by Chevron is designed to progress the energy sector, whilst reducing the greenhouse gas intensity of its operations through things such as energy efficiency, flaring reduction and methane management. Along with this, the company has made major progress towards the development of renewable fuels, especially for use in transportation. As part of this, Chevron produces bio-based diesels, renewable and compressed natural gas, renewable gasoline blend, sustainable aviation fuel and hydrogen. These help Chevron deliver a world where energy is accessible, but also build towards a lower-carbon energy future.
One of the central ways Chevron can deliver such a variety of renewable and energy-efficient projects is thanks to the technology that underpins every operation carried out by the company. Through technology, Chevron can deliver the lower-carbon energy that the world needs, supported by scalable technological solutions. These solutions integrate artificial intelligence (AI) and advanced technology, which can be utilised to enhance the energy industry’s operations. One of the central ways AI can be used is for improving seismic imaging in deep-water breakthroughs, which can help Chevron to transform how it finds and produces oil and gas, backed by the data to support developments. These help to deliver a more resilient energy system for the future, where lower-carbon energy can be found, produced and delivered to market.
With oil and gas production making up a significant portion of its development, it’s no surprise that Chevron has major operations in some of the world’s most important oil and gas regions across the world. Many of which are producing significant crude oil and natural gas resources for the company. In Guyana specifically, Chevron has been making significant steps towards the development of oil and gas resources within the Stabroek Block. The block is known as one of the most prolific oil and gas-producing blocks on the globe. In fact, the block is estimated to hold 11 billion barrels of oil equivalent, making it one of the most significant oil discoveries made in recent decades. With the oil and gas reservoir located just off the coast of Guyana it has brought significant developments to the country, while helping to deliver it as home to one of the world’s fastest-growing economies.
The Stabroek Block was first discovered by ExxonMobil in 2015, who currently hold a 45% ownership, and is the operator of the block. The initial discovery was made in the Liza-1 Well, but in the last 10 years, development across the block has vastly expanded, with numerous subsequent discoveries having been made, highlighting the true potential of the region. Stabroek Block has remained under ExxonMobil’s operation, with Hess Corporation and CNNOC holding 30% and 25% ownership, respectively. Since its discovery, the Stabroek Block has transformed Guyana into a major oil-producing region, delivering significant direct and indirect jobs for those across the region to work or supply the development of the field.
However, in July 2025, Chevron Corporation announced that it had completed the acquisition of Hess Corporation, which would see the two energy corporations join their world-class asset portfolios, people and capabilities. Thus, along with the acquisition of Hess Corporation, Chevron acquired the company’s 30% stake in the Stabroek Block, positioning Chevron in part ownership of the block alongside ExxonMobil and CNNOC. By combining two giants in the energy sector, Chevron now has one of the most differentiated energy portfolios in the industry, with operations spanning multiple critical energy markets around the world.
Following the acquisition, John Hess will now join Chevron’s Board of Directors, subject to the Board’s approval, to enhance the synergies between the two companies and offer his experience in the sector to Chevron. In the announcement of Chevron’s acquisition of Hess Corporation, Mike Wirth, Chevron’s Chairman and CEO, outlined that “the combination [of the two companies] enhances and extends our growth profile well into the next decade, which we believe will drive greater long-term value to shareholders.” Thus, following the acquisition, Chevron now has leading positions in energy markets around the world, delivering a high cash margin production profile with an expected production volume of 4.31 million boe/d by 2030, which significantly enhances Chevron’s existing production as a standalone company.
The acquisition now positions Chevron as the largest acreage holder along the US Gulf Coast, with access to one of the world’s largest energy markets. However, even before the acquisition, Hess Corporation and Chevron had been partners in deepwater projects for many years, delivering vital energy resources to markets across the world. Thus, the two companies will now come together to deliver their vital oil and gas expertise to enhance Guyana as a new market for sustainable energy development for Chevron.
Ultimately, Chevron’s acquisition of Hess Corporation marks a significant milestone in the company’s entry into the Guyanese energy market. We can expect to see Chevron bring together its wealth of experience across its global portfolio, supported by the frameworks laid out by Hess Corporation, to deliver vital energy resources for Guyana. As Chevron now looks towards the future, with the wealth of expertise that Hess Corporation adds to its existing portfolio, we look forward to seeing how it will expand its role across the region to bring low-carbon energy to market, whilst delivering vital economic benefits for Guyana in the process.
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