Chevron’s entry into Guyana’s Stabroek Block will not disrupt ongoing operations, according to Schreiner Parker, Partner and Head of Emerging Markets & NOCs at Rystad Energy.
In an exclusive interview with OilNOW, Parker said, “Chevron is one of the biggest in the game, and they will come into this partnership with Exxon and CNOOC in the way that they’ve entered any other partnership around the world, which is with total professionalism.”
He noted that ExxonMobil will remain the operator, stating, “I don’t foresee any lag time in production or investment, nothing from them coming on board. I think everything will flow extremely smoothly.”
Chevron’s involvement in Venezuela has drawn attention, particularly as Venezuela maintains its claim to Guyana’s Essequibo region, despite ongoing advancements in Guyana’s offshore developments. Chevron has operated in Venezuela under a special license granted by the U.S. Treasury, which allows it to maintain limited activities despite U.S. sanctions.
Parker dismissed the idea that these interests would conflict with Chevron’s position in Guyana, saying, “I don’t think that Chevron has conflicting interests in the sense that they’re doing business in Venezuela while also doing business in Guyana.”
He continued, “They’ll continue to do Venezuela, and then they’ll continue to do Guyana, and I think they’ll keep the two things completely separate.”
Venezuela and Guyana have been embroiled in a territorial controversy over the Essequibo territory for several decades. The case is currently before the International Court of Justice. Tensions have risen in recent months following skirmishes between persons in civilian clothing on the Venezuela side and Guyanese military personnel near the border. There was also the recent Venezuelan navy incursion at the Stabroek Block.
On the arbitration between ExxonMobil and Chevron over Hess’s stake in the Stabroek Block, Parker noted, “I don’t think that anybody’s egos were bruised either. Exxon believed that they had a right of first refusal, and they chose to exercise that, and I think anybody would have.”
He said that both companies are expected to work together without disruption, remarking, “These are two of the biggest players in the game. They’ll get together like professionals. I can’t imagine any dust-up over this.”
Parker stated that Guyana ultimately stands to gain from Chevron’s presence, saying, “The net beneficiary of this is Guyana and the Guyanese people, in the sense that Chevron brings a level of expertise and knowledge that is different than what Hess brings to the situation.”
