Exxon Mobil has filed an arbitration claim could block Hess’ proposed merger with Chevron. The sale includes Hess’ 30 per cent stake in a consortium that has discovered more than 11 billion barrels of oil in Guyana
with his $53 billion bid for Hess and its stake in oil hotspot Guyana, and could wind up trapped in a dispute between two of South America’s biggest energy rivals.
The contest for a share of the largest oil discovery in almost two decades could soon test Wirth’s famously calm demeanour. But a deal would be a legacy-maker for Wirth, who is known at the second-largest U.S. oil firm as an affable but firm boss. If Exxon’s challenge blocks Chevron’s purchase, it would be the second time a deal slipped through Wirth’s fingers. His $33 billion offer for Anadarko, just a year after he took over as Chevron CEO, was snatched away with a higher bid by Occidental Petroleum.
“Exxon has seemingly implied it really wants to own Hess’ stake in Guyana, so it potentially needs to put something competing on the table prior to a Chevron-Hess vote,” he said. Wirth’s misfortunes have piled up around the globe. Last autumn, he delayed for a second time a major expansion project in a Kazakhstan oil field where it is the operator and Exxon is a partner.
“It would make sense for Chevron to treat Guyana an investment in which they are not making any decisions,” he said. “It would make it easier for the Venezuelan government not to have to acknowledge that Chevron would be on both sides” of the dispute border.
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