U.S. Oil Giants Fight Over Guyana’s 11-Billion Barrel Treasure Trove

This week, a private arbitration panel in London began hearing the arguments of U.S. supermajors ExxonMobil and Chevron regarding their rights to one of the world’s most lucrative oil projects. Guyana’s Stabroek block has an estimated 11 billion barrels of oil in place discovered so far by the consortium of ExxonMobil, U.S. Hess Corp, and CNOOC of China. The high-volume, low-cost development offshore the South American country, which started production just five years ago, is already pumping more than 660,000 barrels per day (bpd) of…