Guyana Would Welcome the Entry of Chevron Into Its Oil Industry

Guyana would welcome U.S. firm Chevron joining the major oil projects that its peer Exxon is currently developing offshore the South American country, Guyana’s President Irfaan Ali has told the Financial Times. Chevron has proposed a multi-billion all-stock transaction to buy U.S. firm Hess, which is a minority partner of Exxon in Guyana’s prolific Stabroek block with a 30% stake.

Chevron, for its part, claims the ROFR doesn’t apply to mergers and to this case. “Chevron and Hess believe that ExxonMobil’s and CNOOC’s asserted claims are without merit,” Chevron said in an SEC filing, which cites a letter to shareholders by Hess.

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Senate Majority Leader Calls on FTC to Stop Chevron-Hess MergerChuck Schumer has called on the Federal Trade Commission to stop the merger between Chevron and Hess Corp., claiming that it would be detrimental to consumers.
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