and in a move that's set to reshape the landscape of the global energy industry sheffron Corporation has announced a 53 billion doll all stock deal to acquire its smaller arrival H cooporation well this all stock transaction marks a pivotal moment intensifying the Rivalry between sheffron and Exxon Mobile the acquisition is designed to strengthen Chron's presence in key areas namely us shell and the all rich region of Guyana the oil industry is witnessing an era of consolidation as Chron's announcement comes shortly after Exxon Mobile 60 billion deal to purchase pioner natural resources as a result these two energy Giants are now positioned as leading players in two of the world's most rapidly expanding oil regions we're talking about Shale and Guyana here gyana in particular has experienced a surge in oil production due to substantial discoveries by Exxon Mobile H and China's KOC which presently are also entities that jointly heeld 400,000 barrels per day from two offshore vessels with plans for eight additional projects in future moreover as the acquisition finalizes around the first half of 2024 it is anticipated that hes corporation's Chief John hes will join sheffron board of directors this move positions sheffron to become a 30% owner of an Exon operated field in Guyana forecasted to produce over 1.2 million barrels per day by 2027 as Chron expands its reach in Guyana it also operates in neighboring regions including Venezuela and surm further strengthening its presence in these oil Rich [Music] regions
