Chevron-Hess Merger Stalls on Arbitration Issues

The merger between Chevron and Hess Corp. may be delayed until next year because of the arbitration panel set up to rule on a dispute with Hess’s Guyana partner Exxon. Three months after the arbitration case was filed, there is still one more arbitrator who needs to be appointed to the panel for it to be complete, Reuters reported earlier today citing unnamed sources familiar with the situation.

This is the patch of offshore acreage where the consortium has made a string of more than a dozen discoveries, tapping an estimated 11 billion barrels and counting. Hess Corp. has a 30% stake in the Stabroek Block and Chevron has made no secret of the fact that this stake is the main reason it wants to acquire the company. Yet Exxon is also eyeing that stake, to add to its 45% in the project. If Exxon wins, the Hess acquisition would become pointless for Chevron.

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Hess Shareholders Head for Crucial Vote on Acquisition Proposal by ChevronHess shareholders are set to vote on Chevron's proposal to buy the company, in a vote that is currently too close to call.
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Guyana Would Welcome the Entry of Chevron Into Its Oil IndustryGuyana's President has said that the country would welcome Chevron joining the major oil projects that its peer Exxon is currently developing.
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