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Chevron ( CVX ) sees potential beyond 11 billion barrels in Guyana

oilfield

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Chevron ( CVX ) acquired 30% stake in Stabroek Block from Hess

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Exxon reports 900,000 barrels daily production at Stabroek

By Sheila Dang

HOUSTON, Nov 12 (Reuters) - Chevron ( CVX ) said on

Wednesday it expects that a prolific oilfield in Guyana could

hold more than the current estimate of 11 billion barrels of oil

equivalent in recoverable resources.

"When you think about 11 billion barrels, big fields getting

bigger, although we haven't forecast it, I would expect upside,"

Chevron ( CVX ) Vice Chairman Mark Nelson said at the company's investor

day in New York City.

Chevron ( CVX ) gained a 30% stake in the Stabroek Block in Guyana

earlier this year when it acquired Hess after prevailing in a

lengthy legal dispute with Exxon Mobil ( XOM ), which operates

the block with a 45% interest. Chinese firm CNOOC holds the

remaining 25%.

Chevron's ( CVX ) investor day event provided financial guidance

through 2030 incorporating Hess, and included a presentation

slide showing production capacity growth over time in Guyana.

Nelson said there was room for more exploration in Guyana and

that Chevron ( CVX ) was eager to help.

"There's some deeper reservoirs to test, and we look forward

to working with the partner to do that," he said.

In September, during a Barclays conference, Exxon Senior

Vice President Jack Williams said 11 billion barrels was the

"best number" the company had for an estimate of the resource,

while more exploration would continue.

Separately, Exxon said on Wednesday that daily oil

production at Stabroek had reached 900,000 barrels a day. The

company eventually expects to have total output of 1.7 million

bpd from eight developments in the country.

"Everything that we have shared today reflects the

operator's view," Chevron's ( CVX ) Nelson said, referring to Exxon.

"That's what a good partner would do."