03:31 PM EDT, 03/22/2024 (MT Newswires) -- (Updates with comments from Hess and Chevron ( CVX ) in the second- and- third-to-last paragraphs.)

China's Cnooc has filed an arbitration claim against Hess (HES), following Exxon Mobil ( XOM ) in trying to establish a right over the company's stake in the Stabroek oilfield in Guyana, Reuters reported Friday.

"We have a joint operating agreement with partners regarding the Stabroek block. We will deal with relevant issues based on the relevant arbitration terms," Cnooc Board Secretary Xu Yugao reportedly said during an earnings briefing late Thursday.

Cnooc filed for arbitration on March 15, the report said.

Exxon and Cnooc are looking to establish a right of first refusal over Hess' 30% stake in the oil block after Chevron ( CVX ) announced a $53 billion deal in October to acquire the company.

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

Exxon is the operator of and has a 45% stake in the Stabroek Block while Cnooc owns 25% of the oilfield.

A Hess spokesperson redirected MT Newswires to Chevron ( CVX ) for comment. Meanwhile, a Chevron ( CVX ) spokesperson told MT Newswires that both Chevron ( CVX ) and Hess believed that the right of first refusal provision did not apply to their transaction.

"We remain confident our position will be affirmed in arbitration," the Chevron ( CVX ) spokesperson said.

Cnooc and Exxon did not immediately respond to requests for comments by MT Newswires.

(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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