The merger places Hess’ 30% stake in Guyana’s prolific Stabroek Block under Chevron’s control, linking one of the world’s fastest-growing offshore producers with a supermajor of global reach and decades of project development experience. Operated by ExxonMobil in partnership with CNOOC, the Stabroek Block holds an estimated 11 billion barrels of recoverable oil equivalent, making it one of the most transformative discoveries in recent history.

The acquisition did not come without hurdles. ExxonMobil and CNOOC both contested the deal through arbitration at the International Chamber of Commerce, citing pre-emptive rights under their joint operating agreement. However, the tribunal ultimately ruled in favor of Hess and Chevron, clearing the way for the transaction to close in July 2025. Beyond resolving a high-profile legal dispute, the decision set an important precedent for how joint venture and change-of-control clauses are interpreted.

Chevron expects to incur around $200-400 million in integration costs but projects that Hess’ assets, particularly in Guyana, will add roughly 450,000 to 500,000 barrels of oil equivalent per day to its production base. For Chevron, the acquisition strengthens its deepwater portfolio and positions it alongside ExxonMobil in one of the world’s most dynamic new oil provinces. For the Caribbean, it signals that the region’s offshore frontier has firmly captured the attention and investment dollars of the industry’s biggest players.

The merger also underscores the Caribbean basin’s growing role as a driver of global energy supply, raising questions about how regional economies can position themselves to benefit from this momentum. As Caribbean Energy Week (CEW) prepares to take place March 30–April 1, 2026, in Paramaribo, industry stakeholders will be closely watching how Chevron’s entry into Stabroek accelerates its development, reshapes supply chains and impacts local content strategies.

For regional service providers and smaller producers, deepwater megaprojects are driving demand for advanced technical expertise, robust logistics infrastructure and specialized labor. This presents opportunities for Caribbean states and companies to integrate into offshore supply chains, while simultaneously raising the bar for competitiveness and regulatory preparedness.

The Stabroek deal also shines a spotlight on governance and sustainability. As Guyana’s oil boom gathers pace, global scrutiny around environmental standards, transparency and inclusive growth will intensify. Caribbean governments looking to expand their own offshore sectors can draw lessons from Guyana’s approach to local participation, environmental oversight and revenue management.

Chevron’s acquisition of Hess marks a new chapter in the Caribbean’s energy story, underscoring the region’s rising strategic importance as an emerging hub in the global upstream landscape. For stakeholders attending CEW 2026 – taking place on 30 March to 1 April 2026 – the deal provides a timely case study in scale, timing and strategic alignment, as well as a reminder that the future of Caribbean energy depends on how effectively the region connects to global opportunities.

Join us in shaping the future of Caribbean energy. To participate in this landmark event, please contact sales@energycapitalpower.com.