Chevron Pulls Out From Financing Study for Guyana’s Deepwater Port

Chevron has reportedly opted out in funding preliminary studies for Guyana’s planned Berbice deepwater port. Hess Corporation - acquired by Chevron last year - supported pre-planning studies for the port, but Chevron is said to have reconsidered.

The American engineering firm Bechtel has been leading the initial design plans. Bechtel in 2023 completed the pre-front-end engineering design, but the feasibility study is yet to be completed. Commenting on the issue last week, Bechtel’s Guyana Engineering Director Harry Pastuszek said that Hess financed the preliminary engineering and design for the project. For the remaining parts of the feasibility study, Chevron declined to move ahead with financing.

Through the Hess acquisition, Chevron secured a 30% stake in the Stabroek Block, Guyana’s prized offshore oil and gas resource. ExxonMobil, the block’s operator, is the majority shareholder with a 45% stake while China National Offshore Oil Corporation (CNOOC) holds 25%.

With the ongoing Stabroek production ramp up through 2030, it is expected that a deep-water facility such as Berbice port would accommodate strengthened offshore energy logistics. The port project is estimated to cost between $1 billion and $2 billion, and would feature an industrial hub including data centers, a fertilizer plant and a refinery.

This story was originally published by The Maritime Executive. Read the full story at The Maritime Executive →