ExxonMobil Continues to Find Oil in a Place Chevron Really Wants to Be
ExxonMobil (NYSE: XOM), its partners (NYSE: HES), and China's CNOOC have found a treasure trove of oil in the Stabroek block offshore Guyana. The Exxon-operated venture recently unveiled its latest discovery: Bluefin. It's the first one this year and the 30th since the initial discovery in 2015.
Rival oil giant Chevron (NYSE: CVX) wants a piece of that action. That led it to seal a deal to buy Hess for about $60 billion. However, Exxon doesn't plan to let its rival into this lucrative field without a fight. Here's why these big oil behemoths want Hess' interest in the Stabroek block.
ExxonMobil and its partners made their first significant oil discovery offshore Guyana (Liza) in 2015. The companies made a final investment decision to develop that discovery (Liza phase 1) two years later. It started production in 2020, less than five years after its discovery, which is extremely fast for an offshore oil project.
Source Fool.com
Hess Corp. Stock
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