Oil production near Guyana is ramping up while production in places like the Permian Basin appears to be approaching a plateau.

Chevron’s imminent entry into Guyana’s rich offshore oilfields solves one of the biggest problems dogging the U.S. major: where its growth will come from beyond the next few years. On Friday, the U.S.

Chevron is clear to proceed with its $53B acquisition of Hess after an arbitration panel dismissed Exxon Mobil's claim of a contractual right to bid for Hess' assets offshore Guyana.