Commodities
Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- Oil giants accuse Chevron of circumventing Guyana contract
- Dispute threatens Chevron’s $53 billion deal to buy Hess
Exxon Mobil Corp. and Cnooc Ltd. merged arbitration claims against Chevron Corp.’s proposed takeover of Hess Corp. that would allow the US oil supermajor to enter Guyana’s Stabroek Block.
The unified arbitration was approved after a March 26 application, according to a Hess letter to stockholders included in a Chevron a regulatory filing on Thursday. Exxon and Beijing-based Cnooc, which own 45% and 25% of Stabroek, respectively, argue they have a right of first refusal over Hess’s stake in the block.