August 2025 top M&A deals in ASEAN markets

U.S. oil major Chevron has completed its USD 53bn all-stock acquisition of Hess Corporation, bringing the total deal value to USD 61.1bn when including assumed debt. The acquisition was primarily driven by Hess’s 30% stake in the prolific Guyana Stabroek Block, which holds over 11 billion barrels of recoverable oil equivalent — making it the largest oil discovery of the past decade.

As part of the acquisition, Chevron also inherited several Southeast Asian assets, including a 50% interest in Block A-18 within the Malaysia–Thailand Joint Development Area (MTJDA). EMIS values the full Southeast Asian portfolio at approximately USD 7.3bn, based on production estimates.

Shortly after completing the Hess deal, Chevron sold its stake in Block A-18 to Thai state-owned energy firm PTT Exploration and Production (PTTEP) for USD 450mn. The divestment aligns with Chevron’s strategy to streamline its asset portfolio and focus on high-growth, high-return projects — chief among them, the Guyana Stabroek Block, which is set to become a cornerstone of the company’s global upstream operations.

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