News Americas, Georgetown, Guyana, Fri. July 18, 2025: While ExxonMobil may continue to operate the world-class oil fields off the coast of Guyana, it’s Chevron that just made the bigger strategic move. On Friday, the International Chamber of Commerce, (ICC) gave the green light for Chevron’s US$53 billion acquisition of Hess, ending a contentious battle over one of the most lucrative oil plays on the planet.

With this ruling, Chevron gains a 30% stake in Guyana’s massive Stabroek Block, home to more than 11 billion barrels of recoverable oil. It’s a long game move that not only secures Chevron’s future in deepwater drilling but also positions it directly alongside Exxon in one of the fastest-growing oil frontiers in the world.

“We welcome Chevron to the venture,” said Exxon in a brief statement, signaling an end to the 18-month standoff between the two energy giants.

A Silent Battle, Publicly Decided
The conflict between Exxon and Chevron has simmered for more than a year, hidden behind closed-door arbitration and legal interpretations of a private joint operating agreement (JOA) between Exxon, Hess, and China’s CNOOC, which holds the remaining 25% stake.

Exxon had claimed it held preemptive rights to Hess’s stake in Guyana and tried to block Chevron’s move. But the ICC’s ruling decisively cleared the path, enabling Chevron to step in as a junior partner on Exxon’s flagship offshore asset.

“This is more than just a merger,” said one energy analyst. “This is Chevron planting its flag in Exxon’s most valuable growth market for the next decade.”

Exxon Runs the Rig, But Chevron Just Joined the Club
While Exxon retains operational control with a 45% share, Chevron’s entry fundamentally shifts the landscape. The Guyana project is expected to produce 1.2 million barrels per day by 2027, amounting to 1% of global supply—and Chevron now shares in the profits and the global clout that comes with it.

Chevron also inherits Hess’s broader portfolio, which includes prime shale assets in North Dakota and stakes in Asia and the Gulf of Mexico, effectively diversifying and strengthening its long-term drilling strategy.

Winners, Losers, and What Comes Next
For Guyana, the new corporate alignment doesn’t change the royalty rates or government take – at least for now. But it does place another powerful multinational into its energy equation. The presence of both Exxon and Chevron in a single national project is rare and brings added pressure on transparency, governance, and fiscal renegotiations, especially as Guyana’s oil revenues surge.

For Exxon, the ruling is a setback—but not a defeat. It retains control of operations and still holds the largest stake in the block. But with Chevron now in the room, it faces a stronger competitor in both financial and geopolitical terms.

“This deal may redefine who dominates deepwater drilling in the Western Hemisphere over the next 20 years,” said a Washington-based energy strategist.

Why This Matters Globally
The Guyana offshore discovery is not just another oil field. According to the International Energy Agency, it’s one of the most promising new oil sources in the world, coming online just as global energy demand is expected to peak. As oil companies race to secure their final frontier projects before energy transitions accelerate, Guyana has become the crown jewel.

And now, Chevron has a seat at the table.

News Americas, Basseterre, St. Kitts and Nevis, July 9, 2025: Prime Minister of St. Kitts and Nevis, Hon. Dr. Terrance Drew, is being recognised as one of the most forward-looking leaders working to deepen economic, cultural, and diplomatic ties between Africa and the Caribbean. His recent engagements reflect a serious commitment to long-term cooperation between the two regions.

FLASHBACK – Terrance Drew, Prime Minister of Saint Kitts and Nevis, addressing national delegations during the First Part of the High-Level Segment for Heads of States and Governments during the COP28, UN Climate Change Conference, held by UNFCCC in Dubai Exhibition Center, United Arab Emirates on December 2, 2023. COP28, running from November 29 to December 12 focuses on how particular nations managed realization of its climate goals. The Conference in Dubai focuses also on the most vulnerable communities and Loss and Damage Fund. (Photo by Dominika Zarzycka/NurPhoto via Getty Images)

“Today, the Caribbean is no longer a distant observer to Africa’s renaissance. We have become an active partner as the sixth region of the African Union,” said Dr. Drew during a visit to Abuja, Nigeria, last month.. That statement has since resonated across capitals on both sides of the Atlantic.

That momentum is exemplified by Dr. Drew’s instrumental role in a landmark initiative spearheaded by Nigerian business leader and economic strategist Aisha Maina, Managing Director of Aquarian Consult.

In March 2025, Dr. Drew travelled to Abuja at Maina’s invitation to attend the Afri-Caribbean Investment Summit (AACIS 25), a bold private-sector-led convening aimed at creating lasting Afro-Caribbean economic frameworks.

“His Excellency, Honourable Terrance Drew, took the chance, planted the seed, and boarded the flight after a series of strategic conversations with a Nigerian woman who said, ‘Come to Nigeria,’ and he did,” said Aisha Maina. “He didn’t come alone. He came with his team and his full commitment.”

Maina also acknowledged Honourable Samal Duggins, Minister of Agriculture and Marine Resources, for his role in reinforcing the partnership. “There cannot be a great leader without a great team. Honourable Duggins has stood out for his belief in the vision, his clear understanding of our goals, and his deep respect for the mission.”

Building on the momentum of the Abuja summit, Aisha Maina personally funded and led a 120-person Nigerian delegation to St. Kitts and Nevis in June 2025. This was the largest African delegation ever to visit the island. Arriving via a chartered Air Peace flight, the group included business leaders, creatives, policymakers, cultural advocates, and youth voices. Their objective was clear: to create new pathways in trade, tourism, investment, education, and cultural connection.
Dr. Drew and his cabinet played a central role in hosting and facilitating the week-long exchange, which included bilateral forums, cultural showcases, and youth engagement sessions, setting a new benchmark for South-South collaboration.

“Prime Minister Drew’s leadership reflects a clear understanding that this is not just about reconnection but about redefinition,” said Maina. “It is about how we co-create value and open new frontiers across sectors for people on both sides.”

Looking ahead, Aquarian Consult and its partners are working on several follow-up initiatives, including:

• The launch of an Afri-Caribbean Youth Fellowship Programme
• A series of Diaspora Policy Labs for shared policymaking and learning
• A second summit to be hosted in the Caribbean in 2026
• Broader platforms for trade, education, and creative industry exchange

This partnership is being built through purposeful action and shared values. The foundations are strong because the people leading it, including Prime Minister Drew and Aisha Maina, are not simply visiting each other’s countries. They are making long-term investments in trust, cooperation, and mutual respect.

Media Enquiries:
info@sbbmedia.com
www.aquarianconsult.com

By Lilia Burunciuc

News Americas, NEW YORK, NY, Tues. June 24, 2025: Earlier this year, I met a young graduate who had spent the entire summer searching for a job that matched her education – without success. As the weeks passed and her options narrowed, she applied to a local meat shop, hoping to find some form of employment. But even there, she was turned away – she was “overqualified” to pack chicken legs.

Her story is not unique. Across several Caribbean countries, young people are discovering that academic qualifications, while essential, do not always open the doors they expected. Businesses, in turn, report difficulty filling positions, not because of a lack of applicants, but because many job seekers simply don’t have the technical skills or experience required. This disconnect – between the supply and demand of skills – is one of the most persistent growth constraints in the region.

In Grenada and Saint Vincent and the Grenadines, for example, firms consistently rank the shortage of a skilled workforce among the top two obstacles to doing business. The impact of this shortage is striking: in 2020, 50% of all job vacancies in Saint Vincent and the Grenadines requiring skilled workers remained unfilled due to a lack of qualified applicants. In neighboring Saint Lucia, 40% of employers reported that the skills and education of workers hindered the country’s competitiveness. Meanwhile, the problem extends beyond businesses – 61% of youth report difficulties finding jobs or earning a living, often because their academic qualifications do not align with the demands of the labor market.

The ramifications are wide-ranging. Youth unemployment in Grenada and Saint Lucia exceeds 40%, among the highest in the Eastern Caribbean. For those who do find work, many are employed in roles for which they are underqualified—57% of workers in Saint Lucia lacked the necessary qualifications for their roles in 2019 – or that fail to fully utilize their education and skills. While such employment may offer income, it can also lead to mismatches between workers’ capabilities and job demands, leaving many young people frustrated and limiting the potential of businesses to operate at full productivity.

These challenges reflect deeper structural issues, including inadequate quality of basic education and insufficient collaboration between post-secondary institutions and the private sector. Post-secondary institutions often operate in isolation from industry, leaving students with academic credentials but without the practical or technical skills employers need.

Compounding the issue, the Eastern Caribbean spends around14% of their education budget on post-secondary education, compared to 25% in Latin America and 32% in OECD countries. With outdated laboratories, limited digital infrastructure, and low capacity to support inclusive education, many institutions are ill-equipped to prepare students for the demands of today’s labor market.  These challenges are further amplified by the emigration of highly skilled workers, who often leave the region in search of better opportunities abroad. This loss of talent reduces the availability of skilled professionals at home and weakens the return on public investments in education.

The skills shortage not only impacts individual job seekers; it undermines the broader economy by stifling productivity, reducing business competitiveness, and limiting opportunities for innovation.

Partly due to missing skills, Eastern Caribbean firms are not adequately investing in and engaging in innovative activities. Only 2.7% of firms in Grenada and 3.2% of firms in Saint Lucia have human resources dedicated to research and development.

Research and development are vital for fostering creativity, developing new technologies, and improving business processes. For the Caribbean, investment in research and development is particularly important to address challenges in key sectors such as tourism, agriculture, and renewable energy, unlocking new opportunities for sustainable growth.

However, many firms perceive the cost of innovation as too high relative to the market size. In small economies, businesses often believe that investing in innovation won’t yield sufficient returns due to limited local demand or the high costs of implementing new technologies. This perception discourages companies from pursuing innovation, limiting their growth and competitiveness.

There is no single solution to these challenges – but there are clear areas for action. First, post-secondary education should receive more attention to ensure institutions are equipped to deliver relevant, high-quality training. Modernizing curricula to include both technical and transversal skills—such as problem-solving, adaptability, and digital literacy—is essential for preparing youth for the demands of today’s economy.

Equally important is fostering closer collaboration between educational institutions and the private sector. While some institutions already maintain partnerships—particularly in tourism—there is a need to expand these efforts across a wider range of sectors. Deeper and more diversified collaboration can help ensure that training programs align with evolving industry needs, encourage workplace-based learning opportunities, and support research and development initiatives that foster innovation and job creation.

Expanding regional frameworks, such as shared learning standards and qualification recognition, would allow for greater mobility of talent and ensure consistent skill development across the region.  For small island states, such collaboration also offers a practical advantage: the ability to pool resources and benefit from cost-sharing opportunities, making education and training systems more efficient and sustainable.  Finally, addressing barriers to innovation by creating incentives for businesses to invest in research and development and improving digital infrastructure will help unlock the region’s economic potential.

The World Bank is working with Caribbean countries to support these goals. The OECS Skills and Innovation Project is one example. With $36 million in financing, the project focuses on enhancing youth skills, fostering regional collaboration, and strengthening a culture of innovation. By supporting 40,000 young people with targeted training, establishing common learning standards, and encouraging partnerships between businesses and post-secondary institutions, the initiative aims to build an ecosystem where innovation and skills development drive growth.

Beyond the Eastern Caribbean, countries like Guyana and Belize are also stepping up efforts to close the skills gap. In Guyana, the World Bank is supporting the government’s investment in a broad set of skills needed to power its rapidly expanding economy—with a strong emphasis on technical and vocational education and training. Meanwhile in Belize, where women’s labor force participation remains significantly lower than men’s, a forthcoming project will focus on early childhood development and female empowerment—with a dedicated component aimed at expanding women’s employment opportunities through skills development and support for businesses in the care and education sectors.

The Caribbean holds immense potential. Tapping into that potential will require a coordinated effort, long-term investment, and a shared commitment to aligning skills with opportunity. Encouragingly, that work is already underway.

EDITOR’S NOTE: Lilia Burunciuc is the World Bank Director for Caribbean countries. Ms. Burunciuc, a Moldovan national, is
responsible for maintaining the partnership with the countries to address their development challenges. She has extensive experience on leading policy dialogue with governments on various aspects of development.