08:26 AM EDT, 08/20/2024 (MT Newswires) -- An arbitration panel will examine the hidden value of Hess's (HES) oil assets in Guyana in a dispute between Exxon Mobil ( XOM ) and Chevron ( CVX ) , Reuters reported on Tuesday, citing people familiar with the matter.

Exxon and China's CNOOC, another partner in the venture, claim that they have the first right to buy a stake in the field, Reuters said. They argue that the deal is effectively an asset sale disguised as a merger.

Chevron ( CVX ) and Hess argued that the Guyana asset's value is irrelevant to the arbitration, as Exxon's right does not apply because there is no change in Hess' control of its Guyana unit, the report said.

A three-person arbitration panel will decide the case, which hinges on whether the Chevron-Hess $53 billion deal constitutes a change of control for Hess's Guyana assets, Reuters said.

Exxon Mobil ( XOM ), Chevron ( CVX ) and Hess have not immediately responded to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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