Guyana, among the few super basins left in the world, has attracted the presence of four of the largest movers and shakers in the global energy arena: ExxonMobil, TotalEnergies, CNOOC and now Chevron.
Guyana’s oil production journey began with ExxonMobil after it unlocked the giant Stabroek Block in 2015 with the Liza find. It was only up from there. Exxon is arguably the largest player on the list.
The company racked up over 30 discoveries in the Stabroek Block and has consistently sanctioned developments moving Guyana from no production to churning out over 650,000 barrels of oil per day currently. This is only from three projects. In August, another comes online and will boost Guyana to the world’s largest producer per capita and one of the top five liquid-producing countries in Latin America. It also has four other developments in the works: Uaru, Whiptail, Hammerhead and Longtail.
CNOOC is Exxon’s partner in the Stabroek Block, and Guyana is one of its most valuable assets.
It holds a 25% stake. In 2024 alone, CNOOC’s overseas production was boosted by 10.8% because of the start-up of Guyana’s third development Payara.
Chevron is the latest to join the ranks, taking over Hess’s 30% stake in the Stabroek Block. It brings over 140 years of experience in the global oil and gas industry, making it one of the most established energy companies in the world. The company is known for pioneering advanced technologies such as its deepwater drilling systems, enhanced oil recovery methods, and digital oilfield innovations.
TotalEnergies is the only one not in the Stabroek Block. It has a 35% stake in the Canje Block alongside Exxon, which has a 35% operating stake, JHI Associates 17.5% and Mid-Atlantic Oil & Gas 12.5%. A Total consortium (Qatar Energy and Petronas) was also awarded the S4 Block in Guyana’s first offshore auction.
With ExxonMobil driving production, CNOOC and Chevron ramping up their investments, and TotalEnergies pushing ahead with exploration, Guyana has quickly become one of the hottest spots in the global energy arena. And with more oil projects coming online and new areas being explored, the country’s role in the industry is only going to get bigger.
