Chevron’s proposed $53 billion takeover of Hess Corporation’s stake in the lucrative Stabroek oil block has hit a major snag. Exxon Mobil, the current operator of the block, surprised everyone by filing for arbitration, claiming they have the first right to buy Hess’s stake.
Stabroek Block
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The dispute centers on a disagreement over the interpretation of a joint operating agreement governing the consortium responsible for Guyana’s oil production.