Exxon Mobil Corp. yesterday filed for arbitration to retain its preemption rights over Hess Corp.’s stake in a giant offshore oil development in Guyana, threatening Chevron Corp.’s US$53 billion deal to buy into the field, Bloomberg reported.
Exxon filed for arbitration yesterday morning in the International Chamber of Commerce in Paris, senior vice president Neil Chapman said at a conference hosted by Morgan Stanley. Chevron’s deal to buy Hess amounts to circumventing Exxon’s pre-emption rights, Chapman said.
Reuters had last week reported that ExxonMobil had said it may exercise pre-emptive rights that could block Chevron from acquiring a 30% stake in a giant Guyana oil block, the centerpiece of its rival’s US$53 billion deal to buy Hess.
