Hess Corporation’s shareholders appear quite concerned about the stalemate that exists over Guyana’s 2020 General and Regional Elections. Just yesterday, the company’s Chief Executive Officer (CEO), John Hess was asked to provide some clarity about what is going on in Guyana on this front and the likely implications for investments, particularly as it relates to the Payara project that is yet to receive government sanctions.
In response, Hess noted that the Court of Appeal is set to rule today on a case that was brought by Misenga Jones, an APNU+AFC supporter and counting agent. Jones is asking that the Chief Elections Officer (CEO), Keith Lowenfield, not be made to use the results of the national recount to prepare his report on the outcome of the 2020 polls. The recount which concluded on June 8, last, shows that the People’s Progressive Party (PPP) is the winner of the elections.
During his second-quarter earnings call, Hess expressed hope that “the ruling will provide further clarity on the election outcome.” He added, “Ultimately, we expect the will of the Guyanese people will be expressed in this final results.” He was also keen to remind that the leadership of both major political parties have stated support for the Stabroek Production Sharing Agreement (PSA).
In terms of Payara and moving the development forward, Hess noted that the partners are ready to move forward as expeditiously as possible once the government is ready to do so. The CEO added, “…So I wouldn’t want to speculate more than that, but we’re ready to move forward as soon as the government is ready to move forward.”
