Exxon has 'strong feelings' that it is right in its view of the right-of-first-refusal provision in its spat over oil assets in Guyana, Exxon Senior Vice President Jack Williams told Bloomberg on Friday
Exxon has “strong feelings” that it is right in its view of the right-of-first-refusal provision in its spat over oil assets in Guyana, Exxon Senior Vice President Jack Williams told Bloomberg on Friday—in part because it wrote the contract governing the project. Exxon has accused Chevron of trying to get around the right of first refusal provision by merging with Hess Corp—a deal that would hand Chevron Hess’s 30% stake.
Exxon balked after Chevron announced it would merge with Hess, arguing that it was owed a chance to purchase its JV partner’s mouthwatering stake in the Guyana deepwater oil block known as Stabroek. Exxon did say, however, that it was not interested in purchasing Hess as a whole—just that it wanted to establish rights over Hess’s assets in Guyana specifically. Exxon currently operates and owns 45% of the block. The arbitration case against Chevron could last as many as 6 months.
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