Chevron over ExxonMobil, really President Ali

Jun 02, 2024 Editorial

Editorial…

“I wouldn’t use the word nervous” said Guyana’s President Ali in his interview with the Financial Times. The president did note that when a company ends up controlling more than half of the underlying business or sector that “can cause concern.” The issue that is the subject of much speculation is of ExxonMobil moving to increase its Guyana oil stake by buying the Hess Corporation’s 30% share of the Stabroek Block. If ExxonMobil were to do so, it could expand its dominance in Guyana’s oil operations by as much as 75%. President Ali, therefore, would look favourably on the presence of another US oil giant, Chevron, entering the local oil market, should the Hess Corporation sale go through, if only to foster healthy competition.

A few things surface on this surprising stance articulated by the president. To begin with, a synonym for “nervous” is anxious. President Ali distanced from nervous. Nonetheless, he did speak of greater than 50% consolidation being a cause for “concern.” Concern has several close substitutes, with anxious being one. While the president wouldn’t admit to being nervous, he expressed guarded concern about what a buyout by ExxonMobil of Hess’ 30% Stabroek Block stake could represent. Twist the words or turn them upside down, and Guyana could be in a much unhappier place should ExxonMobil move anywhere above its current 45% piece of the rich Stabroek Block.

We at this publication remind all Guyanese of the reality of ExxonMobil’s 45% partnership share in the Stabroek Block, and the crippling stranglehold that it has over the Guyana Government and the local political leadership. Guyanese leaders are not free to speak with passion and power about the people’s oil and how they must benefit from it because they fear offending the American supergiant. We cringe at any development that helps ExxonMobil to add even one percent more to its present 45% holding. The mere idea of ExxonMobil adding to that is alarming, for there is no telling what it would do, how far it would go, with 75% of the Stabroek Block under its control. It would have been much better if President Ali had come straight out and put that discussion to bed. But the PPP/C Government has chosen to walk down ExxonMobil’s Road, obeying its rules, and speaking in a language that is pleasing to the company. Hence, Guyana’s head of state taking great care not to ruffle a single feather of the company. President Ali had the opportunity to state for the record that any step to up its partnership percentage in the Stabroek Block would be looked upon very unfavourably by the Guyana Government. Of course, that would be presidential, what bears all the hallmarks of brave national leadership, but we have learned not to expect any of that from the leaders we have.

Having said this, President Ali said that Chevron in Guyana has its positives. There is no issue about what Chevron brings to this country’s oil table. It has high-end technology and systems, and veteran manpower, which is why it has done so well. But the last presence that Guyana needs here in its offshore oilfields is a Chevron. For all its pluses, Chevron would amount to nothing but a close twin of ExxonMobil. This would only add to the devastations already being wreaked here by ExxonMobil alone. The PPP/C Government, the entire Opposition, have their work cut out for them in dealing smartly and courageously with ExxonMobil. But President Ali sees benefits to Chevron coming here. Chevron will not rescue Guyana from ExxonMobil; only multiply the exploitations, while carrying on with its own hustles and tricks. Chevron did not get close to the top of the oil world by being a missionary company. John Hess was jolly and seemingly friendly, Chevron’s Steven Wirth is even more about money, with an eye to recovering his US$53B in the shortest possible time. Both ExxonMobil and Chevron are shark like in their ruthlessness for profits, and Guyana is easy, juicy meat for both.

We urge President Ali to think of putting together for this country’s own oil consortium. We must see what’s happening with our wealth, know our partners better, and work towards our own destiny.

Government, Guyana, Guyana’s, Hence, President Ali, Stabroek Block

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Chevron over ExxonMobil, really President Ali

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