A decision has been reached in the high-stakes arbitration between ExxonMobil and Hess Corporation over a prized oil asset offshore Guyana, according to a Reuters report this week.
The ruling by the Paris-based International Chamber of Commerce (ICC) will determine whether U.S. oil major Chevron can proceed with its proposed acquisition of Hess, announced in late 2023.
While the exact content of the arbitration decision has not yet been disclosed, the ICC is now in the final stages of processing it before it is formally shared with the parties involved, Reuters said, referencing two sources close to the matter.
ExxonMobil, which operates the Stabroek Block with a 45% interest, has argued, along with partner CNOOC, that it holds a pre-emption right to Hess’ 30% stake in the block. The companies say this right should have been triggered by Hess’ proposed merger with Chevron. CNOOC holds the remaining 25% interest.
