Chevron gets go ahead for $53B Hess deal, and access to one of the biggest oil finds this decade

By MICHELLE CHAPMAN Associated Press Business Writer HOUSTON AP Chevron has scored a critical ruling in Paris that has given it the go-ahead for a billion acquisition of Hess and access to one of the biggest oil finds of the decade Chevron disclosed Friday that it completed its acquisition of Hess shortly after the ruling from the International Chamber of Commerce in Paris Exxon had challenged Chevron s bid for Hess one of three companies with access to the massive Stabroek Block oil field off the coast of Guyana Guyana is a country of people that is poised to become the world s fourth-largest offshore oil producer placing it ahead of Qatar the United States Mexico and Norway It has become a major producer in latest years Related Articles Graham Sorry Big Bird dumbest waste of tax dollars is In the end about to die At present in History July Nadia s perfect Trump threatens Wall Street Journal over Epstein story AG Pam Bondi moves to make particular documents populace Stephen Colbert says CBS is ending his Late Show in May Questions about surrogacy are raised in occurrence of California couple with house brimming with kids Oil giants Exxon Mobil China s CNOOC and Hess squared off in a heated competition for highly lucrative oil fields in northern South America With Chevron getting the green light on Friday it is now one of the major players in the Stabroek We disagree with the ICC panel s interpretation but respect the arbitration and dispute resolution process Exxon Mobil explained in a declaration on Friday Chevron revealed its deal for Hess in October less than two weeks after Exxon Mobil mentioned that it would acquire Pioneer Natural Information for about billion Chevron announced at the time that the acquisition of Hess would add a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota Given the major value we ve created in the advancement of the Guyana fund we deduced we had a clear duty to our investors to consider our preemption rights to protect the value we created through our innovation and hard work at a time when no one knew just how triumphant this venture would become Exxon Mobil commented Friday We welcome Chevron to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved