Hess Corporation and China National Offshore Oil Corporation (CNOOC) have not injected any new capital into the Stabroek Block in Guyana for the past two years, according to recent regulatory filings.
The development underscores a structural shift in the financing of one of the world’s most significant oil discoveries, with Guyana’s state-owned enterprise, Guyana Energy Company (GEC), now shouldering the full cost of development.
The absence of fresh equity from the two major international partners marks a departure from the traditional joint-venture model that has characterized the block’s rapid expansion.
Instead, GEC is self-funding the ongoing development, leveraging the country’s sovereign wealth and fiscal reserves to maintain production growth.
This arrangement reduces immediate financial risk for Hess and CNOOC but places greater fiscal pressure on Guyana’s government.
For energy markets, the news highlights the resilience of Guyana’s output trajectory despite the lack of new partner capital.