ExxonMobil (XOM) & CNOOC Challenge Chevron's Guyana Acquisition

Exxon Mobil Corporation (XOM) and China National Offshore Oil Corporation (“CNOOC”) have merged their arbitration claims against Chevron Corporation’s (CVX) proposed takeover of Hess Corporation’s (HES) stake in the most prolific oil block offshore Guyana. The consolidation of their arbitration claims, approved after a recent application, signals a significant escalation in the battle for control over the lucrative oil reserves in the region.According to a letter from Hess to its shareholders, included in a ...