Exxon and CNOOC Team Up To Challenge Chevron’s Guyana Oil Deal

ExxonMobil and China National Offshore Oil Corporation (CNOOC) have merged their arbitration claims against Chevron’s takeover of Hess’s stake in the most prolific oil block offshore Guyana.   Last autumn Chevron and Hess reached an agreement under which the supermajor would buy Hess Corporation, including its assets in Guyana, where Hess, Exxon, and CNOOC as co-owners have made huge oil discoveries in the Stabroek block.   However, Exxon claims it has the right to first refusal to acquire the stake of Hess Corp…