2027 Guyana International Oil, Gas and Petrochemical Technology Exhibition (GECSCE)

In July 2025, Guyana’s crude oil production exceeded 670,000 barrels per day (bpd), making it the fifth-largest oil producer in South America—just behind Colombia. With the commissioning of new facilities in the Stabroek Block, output is set to rise further. In early August 2025, the One Guyana FPSO began operations at the Yellowtail field; this floating production, storage, and offloading vessel has a design capacity of 250,000 bpd. By year-end 2025, the FPSO is expected to reach full capacity, pushing Guyana’s daily oil output to 900,000 bpd—elevating this nation of fewer than one million people to become South America’s third-largest oil producer, surpassing both Colombia and Argentina. In May 2015, an international oil consortium led by ExxonMobil discovered abundant petroleum resources in the offshore Stabroek Block—located 120 miles off Guyana’s coast and spanning 6.6 million acres. Within just four years, ExxonMobil achieved its first world-class discovery in the block: the Liza-1 field. The Liza Destiny FPSO commenced production in 2019—a remarkably swift timeline for an industry where major discoveries often take ten or more years to develop and bring online. Since then, ExxonMobil has identified over 30 fields within the Stabroek Block, with estimated recoverable reserves totaling approximately 11 billion barrels. Since beginning oil production and exports in 2019, Guyana’s output and export volumes have surged continuously. In November 2024, ExxonMobil announced that, just five years after startup, cumulative production from its Stabroek Block operations had reached 500 million barrels. At that time, Guyana was producing over 660,000 bpd of crude oil from Exxon-operated assets. In 2024, Guyana’s average crude oil export volume stood at roughly 582,000 bpd. Strong European demand for Guyanese crude drove a 54% year-on-year surge in the country’s oil exports in 2024—with Europe accounting for the vast majority. European refiners increasingly favor Guyanese crudes—including Liza, Unity Gold, and Payara Gold—prized for their lower sulfur content and lighter density compared to crudes from other South American exporters such as Mexico or Colombia. This superior quality, combined with proximity and ease of access to sellers, has boosted Guyana’s market share in Europe: in 2024, 66% of Guyana’s crude exports were shipped to Europe—up from 62% in 2023, according to shipping data reviewed by Reuters. An anonymous Latin American crude trader told Reuters that Guyana’s crude has found a favorable market in Europe due to its geographical proximity, high quality, and ready accessibility to buyers. In early August 2025, Guyana’s oil production capacity jumped to 900,000 bpd following the start-up of Yellowtail—the fourth oil development project in ExxonMobil’s prolific offshore Stabroek Block.

U.S. High-Dividend Map and Petrochemical Industry Chain Tracking: Chevron (U.S.) and Sinopec (China)

The U.S. Federal Reserve held its federal funds rate target range steady at 4.25%–4.50% in July, in line with market expectations. On August 1, U.S. Bureau of Labor Statistics data showed nonfarm payroll additions in July plummeted to 73,000—the lowest level in nine months—and fell significantly short of the consensus forecast of 104,000—further intensifying market concerns about slowing U.S. economic growth. Geopolitically, tensions in the Middle East have escalated, while the Russia-Ukraine conflict continues unabated—heightening geopolitical risks and supporting oil prices. On July 31, news emerged that Gaza ceasefire negotiations were on the verge of collapse, with Israel considering expanding its military operations in Gaza. Meanwhile, citing Russia’s ongoing military actions in Ukraine, former U.S. President Trump demanded that Russia-Ukraine peace talks conclude by August 8—or else the U.S. would impose steep tariffs on Russia and secondary tariffs on countries purchasing Russian oil. Additionally, the U.S. imposed its largest sanctions on Iran since 2018, targeting over 50 entities and individuals, as well as more than 50 oil tankers and container ships. On the fundamental side of the crude oil market, OPEC+ may approve a substantial output increase of 548,000 bpd in September—ending its 2.2-million-bpd production cut agreement one year ahead of schedule. As OPEC+ continues ramping up output, international oil prices may face mounting downward pressure following the peak seasonal demand period. Figure: Crude Oil Price and Production From the perspective of industry-leading companies: U.S. energy giant Chevron (headquartered in San Ramon, California) announced on July 18 the completion of its $53-billion acquisition of Hess Corporation. The day before, Chevron had won a landmark legal battle against ExxonMobil, securing rights to develop key oilfields in Guyana—discovered decades ago. Currently, Chevron’s U.S.-listed shares offer a dividend yield of 4.31%, with a price-to-book (PB) ratio of 1.78. In contrast, Sinopec’s Hong Kong-listed shares yield 7.1%, with a PB ratio of only 0.57. Similarly, PetroChina’s Hong Kong-listed shares yield 6.7%, with a PB ratio of 0.80; China National Offshore Oil Corporation (CNOOC) yields 7.4% in Hong Kong, with a PB ratio of 1.03. This transaction directly weighed on Q2 earnings: a $215-million loss was recorded in earnings due to fair-value adjustments of Hess shares. Nevertheless, management emphasized that the acquisition “has created one of the most advantaged and differentiated asset portfolios in the industry”—particularly highlighting integration potential across the world-class Stabroek Block in Guyana, the Bakken shale play in the U.S., and Gulf of Mexico assets. The company expects to achieve $1 billion in annual cost synergies by end-2025 and, with Hess assets fully integrated, aims to become “the top-tier upstream operator in terms of profitability and exceptional cash flow generation.” Management guidance forecasts Hess assets will contribute 4.5–5.0 million barrels of oil equivalent per day (MBOED) in the second half of 2025, with capital expenditures held to $2.0–2.5 billion—strengthening the foundation for long-term growth. As part of this analysis, we briefly review the development history of U.S. energy giant Chevron: I. Founding and Early Development (1876–1911): In the 1860s, spurred by the Gold Rush, waves of prospectors flocked to California in search of black gold—or oil. In 1876, California Star Oil Works—the predecessor of Chevron—drilled its first well in Pico Canyon, marking the birth of California’s petroleum industry.

Chevron Halts Funding for Guyana Port Project Following Hess Acquisition

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Chevron Corp. halted funding for a proposed Guyana deepwater port after acquiring Hess Corp., though the government seeks the facility to support oil, gas, and fertilizer logistics. Bechtel continues feasibility studies for the infrastructure project.

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