fetching the highest average price among all its global operations. Crude oil from Guyana averaged US$80.04 per barrel, maintaining the lead in the company’s portfolio despite a marginal dip from US$80.72 in 2023 and US$89.72 in 2022. When excluding hedging, a strategy used to stabilise prices, Guyana’s oil still stood out with an average of US$80.04, outperforming barrels from the United States and Malaysia. This performance aligns with Hess’ third-quarter estimates released late last year, which identified Guyana as the company’s most valuable crude source during the first nine months of 2024, selling at US$82.18 per barrel. That report showed Guyana ahead of Hess’s US production in North Dakota (US$72.11) and offshore (US$75.07), as well as Malaysian output (US$77.76). Guyana’s continued dominance in Hess’ global oil portfolio reflects the exceptional productivity of the Stabroek Block, where the company holds a 30 per cent stake. That block is operated by American oil giant ExxonMobil Guyana Limited, which holds a 45% interest and a third partner, CNOOC, which holds 25% interest. The Stabroek Block, located about 120 miles offshore Guyana, spans 6.6 million acres and is estimated to hold 11.6 billion barrels of oil. Production began in December 2019, following a discovery in 2015. (Kaierteurnews)