Oil Giants Square Off: Battle for Guyana's Black Gold
A crucial court hearing kicks off in London, where Exxon Mobil, Hess, and CNOOC face off against Chevron over its $53 billion deal to acquire Hess. The central asset in contention is a valuable stake in Guyana's Stabroek Block. A tribunal will decide the outcome of this high-stakes corporate standoff.
A pivotal court showdown unfolds as Exxon Mobil, Hess, and CNOOC challenge Chevron's $53 billion deal to acquire Hess. The hearing, set in London, will determine the fate of Guyana's valuable Stabroek Block oilfields.
Exxon and CNOOC assert they have priority rights over Hess' stake, key to the region's expanding oil production. Thus, they contest the deal, claiming it bypasses their right of first refusal.
The International Chamber of Commerce tribunal will oversee the confidential arbitration, with the outcome potentially deciding the future of Chevron's strategic acquisition.
(With inputs from agencies.)
- READ MORE ON:
- Exxon Mobil
- Hess
- CNOOC
- Chevron
- Guyana
- oilfields
- Stabroek Block
- arbitration
- acquisition
- ICC tribunal
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