According to the sources

Of Sheila Dang

Houston (Reuters) -The International Chamber of Commerce has scheduled an audience at the Exxon Mobil Arbitration Dispute on the expected acquisition of Chevron’s rival of the Hess oil producer on May 26, according to two sources known as the matter.

The view will take place in London, according to a third source.

The battle between Exxon and Chevron, the two largest oil producers in the United States, focuses on the Lucrative Stabroek oil field on the Guyana coast, the largest oil discovery in the last decade.

He has delayed the Agreement of $ 53 million from Chevron to buy Hess, which was announced almost 18 months ago.

While Exxon, Chevron and Hess have previously said that the view in the case of arbitration was scheduled for May, the date or location was not reported beforehand. The sources refused to be named because the details are confidential.

A spokesman for Hess referred to a previous presentation in which the company said he was expecting a decision in the third quarter. Exxon and Chevron did not respond to comments applications.

The Chevron’s Award for Acquisition Award is the participation of 30% of the Stabroek Block. Exxon operates the field and has a 45%interest. CNOOC, the third partner, has 25%.

In March last year, about four months after Chevron said he would buy Hess, Exxon and CNOOC filed arbitration claims, arguing that their joint operating agreement in the Stabroek blog gives them a right to the first refusal to buy participation. Chevron and Hess say that the right of the first refusal does not apply to its merger.

The arbitration case was presented through the International Chamber of Commerce and a panel of three judges will consider the applicability of the first right clause.

The closure of Hess’s acquisition and access to the Stabroek is crucial to Chevron. The field has pumped more raw than expected initially and would provide an increase in material to Chevron’s total production of oil. It would also add to the Chlevron oil and gas reserves, which fell to the lowest point in at least a decade by the end of 2024.

It is estimated that the block contains more than 11 billion barrels equivalent to oil in recoverable resources.

In March, Chevron revealed that he bought 4.99% of Hess’s common shares in the open market, which the company said reflected his confidence in acquiring the acquisition.

(Sheila Dang’s report in Houston; Nia Williams edition)