The Chevron oil company has been given the all clear by an International Tribunal to move ahead with its US$53 Billion acquisition of the HESS shares in the Stabroek Block, making it the new third partner in the lucrative oil operations in Guyana.

A Reuters report this morning stated that the CEO of the company, Mike Wirth, is hoping to see a turnaround of the company’s fortune, as the Stabroek Block operations offshore Guyana holds more than 11 billion barrels of oil and is considered one of the most lucrative and fastest growing in the world.

The other two partners in the Stabroek Block operations, ExxonMobil and CNOOC filed the arbitration dispute, as they wanted first shot at the purchase of the HESS stake.

In a statement this morning, Exxon expressed disappointment with the ruling.

“We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process. As we’ve said before, ExxonMobil and CNOOC are aligned that we had a duty to ensure contract terms are always adhered to and not set a bad precedent for ourselves and industry”, the company said.

According to EXXON, given the significant value they have created in the development of the Guyana resource, they believed they had a clear duty to their investors to consider their preemption rights to protect the value they created through their innovation and hard work at a time when no one knew just how successful the venture would become.

Related posts:

Chevron eyes further oil development in Guyana with US$53 Billion buyout of Hess Corporation Exxon withdraws from Kaieteur Block to focus on Stabroek Block production BREAKING: Exxon pauses seismic operations on Stabroek Block following reports of Venezuelan military incursion Exxon increases Stabroek Block estimate to 4 Billion barrels of oil