It might’ve cost an arm and a leg—not to mention many billion bucks—for Houston-based Chevron to finally get the keys to its stake in Guyana following its acquisition of Hess in 2023. But after all the disputes, hair pulling, and lawyers growing fat, the world’s second-largest oil and gas operator behind ExxonMobil, Chevron finds itself in a most fascinating situation.

Reese Energy Consulting today spotlights Chevron, which shares a big bite of Guyana’s prolific Strabroek Block along with Exxon and China’s CNOOC. The Guyana-Suriname Basin has been designated a “super basin” and contains at least 13+ billion BOE, with some studies estimating 13.6 billion Bbls and 32 TCF of gas. Strabroek produces light to medium sweet crude.

The basin also happens to neighbor Venezuela, which produces heavy oil.

Chevron has operated in Venezuela for more than a century and remains the only major U.S. oil company there, currently producing 250 MBOED. That figure could see a 50% increase within 18-24 months contingent upon additional U.S. government authorizations. CEO Mike Wirth in the company’s recent 4Q report (beating profit estimates) left no doubt that Chevron remains committed to Venezuela “to help it build a better future while strengthening U.S. energy and regional security”.  

And make no doubt, more adventures lie ahead. Think Africa.