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Guyana’s oil continues to shine as Hess’ top seller
Kaieteur News- Guyana’s crude continues to take the spotlight in American oil major Hess Corporation’s portfolio.
Hess Corporation’s Chief Executive Officer (CEO), John Hess
According to the company’s 2024 Annual Report, Guyana’s crude is Hess’ top-selling crude for 2024, fetching the highest average price among all its global operations.
Crude oil from Guyana averaged US$80.04 per barrel, maintaining the lead in the company’s portfolio despite a marginal dip from US$80.72 in 2023 and US$89.72 in 2022. When excluding hedging, a strategy used to stabilise prices, Guyana’s oil still stood out with an average of US$80.04, outperforming barrels from the United States and Malaysia.
This performance aligns with Hess’s third-quarter estimates released late last year, which identified Guyana as the company’s most valuable crude source during the first nine months of 2024, selling at US$82.18 per barrel. That report showed Guyana ahead of Hess’s US production in North Dakota (US$72.11) and offshore (US$75.07), as well as Malaysian output (US$77.76).
Guyana’s continued dominance in Hess’s global oil portfolio reflects the exceptional productivity of the Stabroek Block, where the company holds a 30 per cent stake.
That block is operated by American oil giant ExxonMobil Guyana Limited, which holds a 45% interest and a third partner, CNOOC, which holds 25% interest.
The Stabroek Block, located about 120 miles offshore Guyana, spans 6.6 million acres and is estimated to hold 11.6 billion barrels of oil. Production began in December 2019, following a discovery in 2015.
Currently, three Floating Production, Storage and Offloading (FPSO) vessels, the Liza Destiny, Liza Unity, and Prosperity, are in production, with another FPSO expected to come onstream later this year.
The three active FPSOs collectively produce around 650,000 barrels of oil per day (bpd).
Meanwhile, Hess is still in the midst of an acquisition by US energy giant Chevron, in a US$53 billion deal approved by Hess shareholders, but is facing arbitration in court to come up in May.
ExxonMobil and CNOOC filed for arbitration at the International Chamber of Commerce in Paris, arguing that they have a right of first refusal over Hess’ stake. Despite this, Hess expressed confidence that the merger would proceed as planned.
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