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Exxon, Hess to face off over Chevron deal for oilfield riches
- Exxon Mobil and Hess will appear Monday in a London arbitration hearing over Chevron's $53 billion acquisition of Hess, which includes assets in Guyana's oilfields.
- The hearing follows arbitration disputes Exxon and CNOOC filed last year, claiming first refusal rights on Hess' 30% Stabroek Block stake, while Chevron and Hess contest these claims.
- The Stabroek Block, operated by Exxon and co-owned by CNOOC and Hess, is estimated to contain reserves exceeding 11 billion barrels when measured in oil equivalent, playing a key role in driving Guyana's rapid expansion in oil production.
- An International Chamber of Commerce tribunal will conduct confidential hearings starting Monday, with a decision expected by the third quarter of 2025, about 18 months after arbitration began.
- The tribunal's resolution may determine whether Chevron's Hess acquisition succeeds, as failure to resolve disputes could cause the $53 billion deal to collapse.
3 Articles
3 Articles
Exxon, Hess to face off over Chevron deal for oilfield riches
Top U.S. oil producer Exxon Mobil and Hess will meet face-to-face on Monday in a court hearing to determine the fate of Chevron's $53 billion deal to buy Hess and with it a prized stake in Guyana's prolific oilfields.
Oil Giants Square Off: Battle for Guyana's Black Gold
Oil Giants Square Off: Battle for Guyana's Black Gold A pivotal court showdown unfolds as Exxon Mobil, Hess, and CNOOC challenge Chevron's $53 billion deal to acquire Hess. The hearing, set in London, will determine the fate of Guyana's valuable Stabroek Block oilfields.Exxon and CNOOC assert they have priority rights over Hess' stake, key to the region's expanding oil production. Thus, they contest the deal, claiming it bypasses their right of …
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