Arbitrators in a dispute between ExxonMobil and Hess regarding Guyana’s prolific Stabroek block have reached a decision, Reuters reported on Friday.
The nature of the decision and its expected publication date remain unknown, Reuters said on Friday.
Chevron’s planned $53 billion takeover of Hess was designed to include the smaller US producer’s 30% stake in the offshore block, but ExxonMobil, which operates the acreage with a 45% stake, launched arbitration proceedings last year arguing it had the right of first refusal to value and then potentially buy Hess’ stake in the field.
The outcome of the arbitration will determine whether Chevron’s takeover, announced in October 2023, can proceed.
“We look forward to completing the transaction and welcoming Hess to our company,” a spokesperson for Che….
