The U.S.-based Hess Corporation holds a 30% stake in a consortium with ExxonMobil and CNOOC in the Stabroek block, located in waters controlled by Guyana but claimed by Venezuela.
Guacamaya, July 18, 2025. Chevron has successfully completed its $53 billion acquisition of Hess after winning a legal battle against ExxonMobil.
Hess’s primary asset is its stake in the Stabroek block, which holds 11 billion barrels of crude oil. The block is situated in waters claimed by Venezuela but controlled by Guyana.
Hess owns 30% of the Stabroek consortium, alongside ExxonMobil (45%) and China National Offshore Oil Corporation (CNOOC, 25%).
To block Chevron’s entry, Exxon and CNOOC argued before the International Chamber of Commerce (ICC) that they had the right to purchase Hess’s stake, but their efforts were unsuccessful.
Guyana’s oil production reached 674,000 barrels per day in May. Hess’s earnings in Guyana rose to $3.1 billion last year, up from $1.9 billion in 2023.
The acquisition of Hess is part of Chevron CEO Mike Wirth’s strategy to restore profitability for the energy giant. In October, the company sold several Canadian assets for $6.5 billion.
The purchase was initiated in October 2023 but was only finalized nearly two years later. During this period, Chevron regained control of its operations in Venezuela, only to lose them again in May 2027 due to U.S. Treasury Department sanctions.
The fact that Chevron is exploiting resources with Guyana in an exclusive economic zone claimed by Caracas could jeopardize its assets in Venezuela. This risk stems from Venezuela’s “Law for the Defense of the Essequibo”, though its enforcement would be at the discretion of the Venezuelan state.
