Guyana oil: ExxonMobil & Chevron fighting over control of its oil reserves

[𐒋𐒖𐒆𐒔𐒖𐒕𐒈]

A bitter dispute between ExxonMobil and Chevron over ownership of a gigantic oil project with up to $1tn in reserves is scheduled to be heard before an arbitration court in London on Monday, in a case with big implications for both companies and the wider industry.

Stabroek is one of the most lucrative oil discoveries in recent decades with an estimated 11bn barrels of oil reserves and further exploration likely to increase this figure.

Exxon, which owns 45 per cent of Stabroek, claims it has “right of first refusal” to buy Hess’s stake in the oilfield under the terms of a joint operating agreement (JOA) with Hess and another partner, Cnooc, the Chinese oil and gas company. Cnooc, with 25 per cent of the oilfield, has filed a claim seeking the same pre-emption right.

Chevron, which is not a direct participant in the arbitration case, is desperate to push ahead with its Hess acquisition to access the company’s Guyana assets. Last year Chevron’s oil and gas reserves fell to 9.8bn barrels, down from 11.1bn barrels in 2023, the lowest in more than a decade.

ExxonMobil and Chevron to do battle over $1tn oilfields in Guyana

Dispute over stake in Hess’s Stabroek oilfield has implications for joint operating agreements between companies

www.ft.com

 

[DR OSMAN]

A bitter dispute between ExxonMobil and Chevron over ownership of a gigantic oil project with up to $1tn in reserves is scheduled to be heard before an arbitration court in London on Monday, in a case with big implications for both companies and the wider industry.

Stabroek is one of the most lucrative oil discoveries in recent decades with an estimated 11bn barrels of oil reserves and further exploration likely to increase this figure.

Exxon, which owns 45 per cent of Stabroek, claims it has “right of first refusal” to buy Hess’s stake in the oilfield under the terms of a joint operating agreement (JOA) with Hess and another partner, Cnooc, the Chinese oil and gas company. Cnooc, with 25 per cent of the oilfield, has filed a claim seeking the same pre-emption right.

Chevron, which is not a direct participant in the arbitration case, is desperate to push ahead with its Hess acquisition to access the company’s Guyana assets. Last year Chevron’s oil and gas reserves fell to 9.8bn barrels, down from 11.1bn barrels in 2023, the lowest in more than a decade.

ExxonMobil and Chevron to do battle over $1tn oilfields in Guyana

Dispute over stake in Hess’s Stabroek oilfield has implications for joint operating agreements between companies

www.ft.com

Waryaa ku noqo sheekadi somali oil threads(cajaladasi) kama bixi kartid adigu, who said u can come out waryaa, since your a financial mashruc with somali moryans setting up fake companies in the UK with failed businessmen(fraudulent hindi) like Khayre did, come to Somalia, do bililiqo rounds on gullible diaspora and foreigners to dump funds as he loots it and says warheedhe amnigi ayaa gacanta ka baxay(which he already knew as other hawiye relatives in other mashruc like shabab) and company has failed, while he throws yoir money into other shady murusade cooperatives locally, regionally, globally which thank God shabab God card earned them a good coin from gullible Muslims as they manage khasnada or account coordination.

Guyana is a real nation niyahow with rule of law and has political stability(no kastumo isbadelayo shit like Somalia every 4 years), oil companies need at least 50 year stability before they even consider your ass for review on investment. Not to mention rule of law around the business sector.

Somalis really undermine the moryan culture thinking it's just armed militias, well alot of ex militias now wear suits, khamis, or academic cos play also(but them eyes still red ninyahow).