-as key to its future growth

-by David Clarke

Oil Major- Chevron, which only last year spent $53 billion on acquiring of Hess Corporation and its stake in the Stabroek Block, has described the exploration potential of Guyana’s offshore oil sector, as a key driver of its future growth.

Guyana’s offshore oil industry continues to strengthen its position on the global stage, with U.S. energy giant Chevron reaffirming the country’s importance to its long-term growth strategy.

During its second-quarter earnings call with investors, the company described Guyana as a world-class asset whose vast oil resources are expected to support high-margin production well into the next decade.

Chevron said the acquisition of Hess has further strengthened its portfolio, with Guyana already generating significant free cash flow.

“Guyana is a world-class asset with significant resource depth that is expected to extend high-margin oil growth into the 2030s,” Chairman and CEO, Mike Wirth said.

The Company executive also highlighted the value of additional exploration opportunities in Guyana’s Stabroek Block. Chevron completed its acquisition of Hess last year, giving it a 30 percent stake in Guyana’s prolific Stabroek Block alongside operator ExxonMobil and partner CNOOC.