HOUSTON, (Reuters) – U.S. energy major Exxon Mobil’s (XOM.N) arbitration case that could block Chevron’s purchase of Hess will extend into 2025, Exxon CEO Darren Woods said in an interview on CNBC yesterday, ahead of a coming vote by Hess shareholders on the deal.
Exxon and CNOOC Ltd filed cases before the International Chamber of Commerce in March, seeking a right-of-first-refusal over any sale of Hess’s 30% stake in the Stabroek offshore oil block in Guyana, where the three companies control the largest oil discovery in nearly a decade.
Hess has set May 28 for a shareholder vote on the $53 billion all-stock deal that would give Chevron a major stake in Guyana’s lucrative offshore oil fields, which to date have been shown to hold more than 11 billion barrels of oil and gas resources.