ExxonMobil is confident it will win the ownership dispute over Guyana’s Stabroek Block at the International Chamber of Commerce, according to Neil Chapman, Exxon’s senior vice president.
Speaking at the Bernstein Strategic Decisions Conference in New York, Chapman said operations would continue unchanged even if the ruling goes against Exxon.
The ICC arbitration hearing concluded this week, and a panel of three judges is now reviewing the case.Chevron’s proposed $53 billion acquisition of Hess in 2023 aims to secure Hess’s 30% stake in the Stabroek Block, which is operated and 45% owned by Exxon.
Exxon and partner CNOOC Ltd. argue they have a right of first refusal on Hess’s interest, while Chevron and Hess claim the deal, structured as a corporate merger, bypasses that clause.“We’re defending our contractual rights, as is CNOOC,” Chapman said. “If the judges disagree, we simply welcome a new partner and carry on as usual.”
