The Chevron-Hess merger faces a delay due to an arbitration panel that has been set up to rule on Exxon's claim to Hess's Guyana stake.
The merger between Chevron and Hess Corp. may be delayed until next year because of the arbitration panel set up to rule on a dispute with Hess ’s Guyana partner Exxon. Three months after the arbitration case was filed, there is still one more arbitrator who needs to be appointed to the panel for it to be complete, Reuters reported earlier today citing unnamed sources familiar with the situation.
This is the patch of offshore acreage where the consortium has made a string of more than a dozen discoveries, tapping an estimated 11 billion barrels and counting. Hess Corp. has a 30% stake in the Stabroek Block and Chevron has made no secret of the fact that this stake is the main reason it wants to acquire the company. Yet Exxon is also eyeing that stake, to add to its 45% in the project. If Exxon wins, the Hess acquisition would become pointless for Chevron.
Hess Arbitration Merger Guyana Assets CNOOC
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hess Shareholders Approve $53 Billion Chevron DealHess shareholders approved Chevron's $53 billion all-stock acquisition proposal, but the deal still faces challenges due to Exxon's arbitration claim over right of first refusal for Hess's stake in a key Guyana oil field.
Read more »
Hess Shareholders Head for Crucial Vote on Acquisition Proposal by ChevronHess shareholders are set to vote on Chevron's proposal to buy the company, in a vote that is currently too close to call.
Read more »
Chevron's Gorgon LNG Resumes Full Production After Month-Long OutageChevron's Gorgon LNG export terminal in Western Australia has resumed full production after a month-long outage caused by a mechanical fault in a turbine.
Read more »
Chevron Close to Signing Natural Gas Exploration Deal With AlgeriaChevron is set to sign an exploration agreement with Algeria's state-owned energy firm to boost the country's natural gas production.
Read more »
Guyana Would Welcome the Entry of Chevron Into Its Oil IndustryGuyana's President has said that the country would welcome Chevron joining the major oil projects that its peer Exxon is currently developing.
Read more »
Man City transfer scrutiny over £100m Guimaraes deal as Cancelo exit 'stalls'Manchester City have been linked with a handful of players at the start of the 2024 summer transfer window
Read more »