Chevron’s reported decision not to finance the remaining feasibility study for Guyana’s proposed Berbice deepwater port has introduced fresh uncertainty into a project being promoted as a major gateway for the country’s expanding oil economy and a potential trade corridor for northern Brazil.
The decision is particularly significant because the proposed port, estimated to cost between US$1 billion and US$2 billion, is intended to support offshore oil operations and accommodate wider industrial development.
Yet, despite years of planning and renewed interest from international partners, the project has still not completed a critical feasibility assessment needed to advance its development.
According to The Maritime Executive in a report published on October 25, Hess Corporation financed preliminary engineering and design work before its acquisition by Chevron. Chevron subsequently declined to finance the remaining components of the feasibility study.
Bechtel, the American engineering firm leading the initial design work, completed the project’s pre-front-end engineering design in 2023. However, the broader feasibility study remains unfinished.
Bechtel’s Guyana Engineering Director, Harry Pastuszek, confirmed that Hess had financed the preliminary engineering and design, while Chevron declined to proceed with financing the remaining study.
The distinction is important: Chevron’s reported withdrawal concerns funding for the outstanding feasibility work, not a confirmed decision to abandon the port project itself. Nevertheless, the development raises questions about how quickly the project can progress and who will finance the next stages.
Oil wealth, infrastructure gaps
Chevron’s position carries considerable weight because the company acquired Hess’s 30 per cent interest in Guyana’s Stabroek Block, the country’s principal offshore petroleum development. ExxonMobil operates the block with a 45 per cent interest, while China National Offshore Oil Corporation holds the remaining 25 per cent.
As production expands towards 2030, the need for efficient maritime infrastructure is expected to grow. Guyana’s existing port facilities face physical limitations, including the shallow approach channel serving Georgetown’s principal port, where the maximum allowable vessel draft is approximately 9.7 metres.
A purpose-built deepwater facility could accommodate larger vessels, strengthen offshore supply operations and reduce infrastructure constraints affecting the country’s expanding maritime trade.
The proposed Berbice development is also envisioned as more than a port. Plans include an industrial hub incorporating data centres, a fertilizer plant and a refinery, potentially creating employment and attracting additional investment.
However, these ambitions remain contingent on the project’s technical, commercial and financial viability. A port of this scale requires more than investor interest and projections of future oil production; it needs credible demand assessments, financing commitments and a clear implementation strategy.
International interest, unfinished groundwork
The port proposal has been under consideration for more than a decade. In 2016, the Inter-American Development Bank examined its potential economic benefits, including the possibility of linking northern Brazil more directly to the Atlantic coast through a regional transshipment hub.
The current feasibility study is intended to update that earlier assessment.
There are indications that alternative sources of support may be available. The Export-Import Bank of the United States has pledged financing for the third-phase engineering design study following a meeting last month in New York between President Irfaan Ali and EXIM Chairman John Jovanovic.
Ali has also said Qatar has expressed interest in participating in the proposed development.
Those expressions of interest, however, should not be confused with a completed feasibility study, a final investment decision or secured financing for construction.
The distinction is crucial for a project carrying a potential price tag of up to US$2 billion.
Accountability before celebration
Guyana’s rapid economic expansion has intensified expectations that oil revenues will translate into durable infrastructure and broader economic opportunities. Yet the Berbice port illustrates the gap that can exist between announcing transformative projects and bringing them to fruition.
The immediate challenge is to complete the outstanding feasibility work and establish whether the port can generate sufficient commercial returns to justify its enormous cost.
The government must also clarify the implications of Chevron’s decision, identify who will cover the funding shortfall and explain the timetable for moving the project forward.
Until those questions are answered, the Berbice deepwater port remains a promising proposal rather than a guaranteed economic milestone. Guyana cannot afford to mistake international interest for investment secured—or ambitious designs for infrastructure delivered.
