Author Arunima Kumar
(Reuters) Exxon Mobil has lost its arbitration challenge to prevent Chevron $ 55 billion worth of Hess acquisition agreement, but the highest US oil producer has been able to postpone the connection for more than a year, costing the billions of its competitors lost in Gayana’s oil revenue and slowing integration.
The Chevron Agreement was first announced in 2023. October, completed on Friday after a dispute over 30% of the Hessok Block, Gyayana’s Gyaya Block, was in his portfolio. The oil field contains more than 11 billion barrels of oil and is one of the fastest growing oil production regions in the world.
US oil producer no. 2 was originally directed to 2014. In the middle.
Exxon, which owns the Guyana project and has 45% shares in combination with HESS and CNOC, challenged the merger through arbitration, indicating the right to the first denial of Hess Guyana’s property.
“The delay retained about 180,000 barrels a day (BPD) Hess Oil, about $ 6-7 billion in total sales and $ 3 billion in profit, only from the Guyana Staberek block flying through Chevron until 2024, as these barrels were constantly flowing to Hess before Judge Ashley Schulman,
The Chevron Agreement was the largest consolidation in the oil industry for more than 20 years, and it was a strategic contradiction to the exxon itself popular agreement and the growing position Perm.
For the acquisition of Hess, CEO of Chevron Michael Wirth Hess and his stock package in Gajana, his strategy was the most important strategy for the future to grow.
This strategy during the arbitration was one that was initially expected to be a clean victory at the Chevron victory, with a timely victory, which had already lost one important agreement, victory.
2019 He refused to take over for an offer from Anadark Petroleum after being overtaken by a higher Occidental Petroleum offer.
To cross the Chevron stock
Now that the Hess agreement was completed, Chevron said by 2025. By the end of the 19th century, he expects that by 2025 The end of the end will understand the $ 1 billion price synergy and reduce jobs due to overlapping roles between two companies.
Chevron reaches up to 20% of its global workforce, faced safety issues, and its activities in Venezuela were caught in the geopolitical cross -fire.
“Chevron this favorable order helps to avoid the main action of other time-consuming (and most likely expensive) methods of inorganic growth,” said Atul Raina, Vice President of Restad Energy.
“If the ruling had been to the Exxon Mobil and Cnoc benefit, Chevron would have had to look for growth opportunities elsewhere … It would probably be done to Chevron, paying high premiere US shale assets to move the needle to the Major,” Raina added.