03:09 PM EST, 03/06/2024 (MT Newswires) -- Exxon Mobil ( XOM ) filed for arbitration at the International Chamber of Commerce to resolve a dispute involving Hess' (HES) stake in the Stabroek oil block in Guyana.

"We're extremely confident in our position," Exxon Mobil ( XOM ) Senior Vice President Neil Chapman said Wednesday at the Morgan Stanley Energy Conference.

Exxon Mobil ( XOM ), which has a 45% stake in the giant Stabroek block and is the operator, is looking to establish its right of first refusal over Hess' 30% stake after Chevron ( CVX ) announced a $53 billion deal in October to acquire Hess.

Hess' ownership in Stabroek is a key focus of Chevron's ( CVX ) purchase of the company, and the oil producer has warned the merger may collapse if no resolution is reached among the parties.

Chevron ( CVX ) and Hess maintain that the right of first refusal does not apply to the merger.

Exxon Mobil's ( XOM ) Chapman said "these kind of disputes" typically take five to six months to resolve at the ICC.

Hess and Chevron ( CVX ) did not immediately respond to requests for comment by MT Newswires.

Exxon shares rose 0.8% in recent Wednesday trading, Chevron ( CVX ) fell 0.4% and Hess dropped 1.8%.

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