Guyana Government ‘Very Supportive’ of Chevron Deal, Hess Says

(Bloomberg) -- Guyana’s government is “very supportive” of Chevron Corp.’s deal to buy Hess Corp., which owns a large stake in the country’s oil developments, Chief Executive Officer John Hess said in an interview.

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“We have spoken to the leadership of Guyana, and they are very supportive of the deal, welcoming Chevron as another large American oil company,” he said. The deal is a “vote of confidence in Guyana as an investment haven.”

Chevron will buy Hess’s 30% stake in the Stabroek Block, which is led and operated by Exxon Mobil Corp. with a 45% holding. The remainder is held by China’s CNOOC Ltd.

Guyana’s government has encouraged the joint venture to develop its oil resources “as fast as we can” to earn revenues for the country and its citizens, Hess said. Chevron’s financial resources will help to do that, he said.

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