US EditionExxon, Hess to face off over Chevron deal for oilfield riches
- Exxon Mobil and Hess will face each other in a London hearing on Monday to determine Chevron's $53 billion acquisition of Hess.
- The hearing follows arbitration disputes filed by Exxon and CNOOC last year, delaying the deal and challenging Chevron's purchase rights.
- The deal focuses on Hess’s 30% interest in Guyana’s Stabroek Block, operated by Exxon, which is believed to contain reserves exceeding 11 billion barrels when measured in oil equivalent.
- Chevron CEO Mike Wirth considers the acquisition key to performance, with a tribunal expected to issue a decision within six months under ICC rules.
- If the tribunal rules against Chevron or no resolution occurs, the acquisition could fail, affecting Chevron's expansion in Guyana's fast-growing oil sector.
4 Articles
4 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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