Exxon and Cnooc claim right to first refusal on Hess's 30% stake in Guyana's Stabroek oil block, threatening Chevron's $53bn acquisition of Hess.

Chevron's $53bn acquisition of Hess is at risk after Exxon and Cnooc claimed they have the right to first refusal on Hess's 30% stake in the Stabroek oil block in Guyana. Exxon operates the block with a 45% stake, and a dispute over the rights to buy out Hess's stake could jeopardize Chevron's takeover of Hess, leading to a $1.7bn break-up fee for Hess. The Hess acquisition has already been delayed by the US Federal Trade Commission's request for additional information on the deal, pushing back the closing date to at least the middle of the year.

February 27, 2024
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