HOUSTON, March 6 (Reuters) - Exxon Mobil Corp ( XOM ) on

Wednesday said it filed a contract arbitration disputing Hess

Corp's ( HES ) proposed sale of its Guyana oil properties, and

suggested it may counter Chevron Corp's ( CVX ) pending deal for the

assets.

Exxon said the arbitration case will preserve its right

to acquire Hess's 30% stake in the giant Stabroek offshore oil

block, Senior Vice President Neil Chapman said in a conference

on Wednesday.

Stabroek, which is consider the largest oil discovery in

decades, is the prize in Chevron's ( CVX ) bid for Hess. Exxon's move

could jeopardize Chevron's ( CVX ) $53 billion proposed

purchase.

"The preemption rights are to give us the opportunity to

look at the value, which we can then match should we choose to

do so," Chapman said at a Morgan Stanley ( MS ) event.

The company has been negotiating with Chevron ( CVX ) and Hess

over the terms of its right of first refusal to any sale of

Hess's Stabroek stake. It formally filed on Wednesday with the

International Chamber of Commerce after failing to reach

agreement, he said.

"We, as participant (in the block), have the rights to

match a reasonable allocation of the value of the Hess

transaction," Chapman said. "Disputes take place all the time,

and they get resolved. The only real difference is this is in

the public domain."

Chevron ( CVX ) was not immediately available to comment.

Hess shares fell more than 1.4%, Exxon was up 1.4% and

Chevron ( CVX ) was up a fraction.