The Zhitong Finance App learned that ExxonMobil (XOM.US) CEO Darren Woods (Darren Woods) expects the arbitration with Chevron (CVX.US) over an important asset in Guyana to continue until 2025 because the case is very important to both companies. In an interview with foreign media on Monday, Woods said that the two companies still need to appoint a third arbitrator before entering the investigation phase.
According to reports, Chevron agreed to acquire HES.US (HES.US) for 53 billion US dollars in October last year, mainly to obtain control of 30% of Exxon's Guyana development project. Exxon claims preferential purchase rights for this share. Chevron objected to this, arguing that the right only applies to company mergers, and hopes to end the arbitration in the fourth quarter.
Woods said, “This (a dispute) is to confirm our rights to this precious asset. My opinion is that it will last until 2025.”
Chevron CEO Mike Worth said in another interview that he feels “good” about finalizing the acquisition of Hess.
In addition to the arbitration process, the acquisition is subject to approval from Hess shareholders in a vote later this month and successfully pass review by the Federal Trade Commission.