Chevron has prevailed against Exxon Mobil in a legal dispute over offshore oil assets in Guyana, clearing the path for Chevron's $53 billion acquisition of Hess. The International Chamber of Commerce (ICC) ruling favored Chevron, allowing the deal to proceed.
ExxonMobil and China National Offshore Oil Corp. (CNOOC) had filed an arbitration case claiming a right of first refusal over Hess's 30% stake in the Stabroek Block. However, the ICC panel's interpretation did not support their claim.
While ExxonMobil expressed disagreement with the ICC panel's interpretation, it stated respect for the arbitration process and welcomed Chevron to the venture. This resolution removes significant uncertainty that had weighed on the Chevron-Hess transaction and clarifies the partnership structure in Guyana.
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