Exxon Files for Arbitration Over Guyana Oil Block ...Middle East

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Exxon Files for Arbitration Over Guyana Oil Block
source : OILPRICE ( Middle East ) () 55
Exxon has filed for arbitration on the issue of its rights to first refusal to acquire the stake of Hess Corp. in the Stabroek Block offshore Guyana where the two made a string of oil discoveries. The move is the latest update in what seems like escalating problems between Exxon, the majority stakeholder in the Stabroek Block, and Chevron, which last year struck a deal to acquire Hess Corp. mostly because of its Guyana stake. “We’re absolutely confident that within this contract, we have pre-emption rights, and we have filed for arbitration…

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