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Chevron-Hess Merger Stalls on Arbitration Issues

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Hess,Arbitration,Merger

The Chevron-Hess merger faces a delay due to an arbitration panel that has been set up to rule on Exxon's claim to Hess's Guyana stake.

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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