Chevron Needs Hess’s Guyana Oil Assets to Boost Reserves ...Middle East

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Chevron Needs Hess’s Guyana Oil Assets to Boost Reserves
source : OILPRICE ( Middle East ) () 68
Chevron is betting on the multi-billion acquisition of Hess Corp to boost its assets with high-quality Guyana acreage where billions of barrels of oil equivalent have been discovered. Chevron’s reserves replacement ratio has dropped in recent years and its oil and gas reserves have now declined to the lowest level in at least a decade, according to a Reuters analysis. The falling reserves and the reserves replacement ratio (RRR) at below 100% make the proposed acquisition of Hess key to boosting Chevron’s asset base and RRR in the short…

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