(Reuters) – An Exxon Mobil arbitration case that could block the sale of one of its Guyana partners, Hess Corp, to Chevron could drag on until year-end, Hess said in a U.S. securities filing on Friday.
Earlier this year, Exxon and China’s CNOOC filed the case seeking to preserve their right to evaluate making a bid for Hess’s 30% stake in the giant Stabroek offshore oil block in Guyana if Chevron proceeds with its proposed $53 billion purchase.
As per the filing, Hess is seeking to have the merits of the arbitration heard by the third quarter of 2024 and complete the arbitration by the end of the year.
Hess said it could no longer say when the deal will close “because it is subject to conditions beyond each company’s control”.
The companies initially hoped to close the acquisition in the first half of this year, and later moved any closing to the second half of this year. The acquisition remains under review by a U.S. regulator.
