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The Paris-based In­ter­na­tion­al Cham­ber of Com­merce (ICC) gave the green light on Fri­day to the US-based oil com­pa­ny, Chevron, to buy in­to one of the world’s most valu­able oil de­vel­op­ments in the Caribbean coun­try of Guyana, which holds more than 11 bil­lion bar­rels of oil and is con­sid­ered one of the most lu­cra­tive and fastest grow­ing in the world.

The rul­ing means that Chevron—Amer­i­ca’s sec­ond-largest oil com­pa­ny—can move for­ward with its ac­qui­si­tion of a small­er ri­val, Hess, for US$53 bil­lion af­ter a two-year wait to close the deal.

En­er­gy ob­servers said Chevron’s ac­qui­si­tion means that the com­pa­ny now gets a piece of a lu­cra­tive oil project off the shores of Guyana.