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Hess says Guyana arbitration could drag on till year-end
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Hess says Guyana arbitration could drag on till year-end
Apr 12, 2024 8:37 AM

April 12 (Reuters) - An Exxon Mobil arbitration

case that could block the sale of one of its Guyana partners,

Hess Corp ( HES ), to Chevron ( CVX ) could drag on until

year-end, Hess said in a U.S. securities filing on Friday.

Earlier this year, Exxon and China's CNOOC filed the case

seeking to preserve their right to evaluate making a bid for

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

Guyana if Chevron ( CVX ) proceeds with its proposed $53 billion

purchase.

As per the filing, Hess is seeking to have the merits of the

arbitration heard by the third quarter of 2024 and complete the

arbitration by the end of the year.

Hess said it could no longer say when the deal will close

"because it is subject to conditions beyond each company's

control".

The companies initially hoped to close the acquisition in

the first half of this year, and later moved any closing to the

second half of this year. The acquisition remains under review

by a U.S. regulator.

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