An unprecedented oil dispute in Guyana between 3 companies

Amid their claims for the right of pre-emption, ExxonMobil and Cnooc have combined arbitration claims against Chevron’s proposed acquisition of Hess, which would allow the US oil giant to enter the Stabroek oil block in Guyana. .

The disclosure indicated that “Chevron and Hess believe that the claims of ExxonMobil and CNOOC are not based on an objective basis.” He continued that “Hess” “intends to vigorously defend its position in the arbitration proceedings, and expects that the arbitration panel will confirm that the right of pre-emption of (Stabroek) does not apply to the merger process.”

The dispute over a contract written more than a decade ago is unprecedented in the modern history of major oil companies and threatens to disrupt Chevron’s $53 billion acquisition of Hess. Hess indicated, in the regulatory statement, that Exxon published a statement in October “explaining its support” for the deal before retracting it six months later. (Bloomberg)

Source:
Bloomberg

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