Chevron gets go ahead for $53B Hess deal, and access to one of the biggest oil finds this decade

By MICHELLE CHAPMAN Associated Press Business Writer HOUSTON AP Chevron has scored a critical ruling in Paris that has given it the go-ahead for a billion acquisition of Hess and access to one of the biggest oil finds of the decade Chevron disclosed Friday that it completed its acquisition of Hess shortly after the ruling from the International Chamber of Commerce in Paris Exxon had challenged Chevron s bid for Hess one of three companies with access to the massive Stabroek Block oil field off the coast of Guyana Guyana is a country of people that is poised to become the world s fourth-largest offshore oil producer placing it ahead of Qatar the United States Mexico and Norway It has become a major producer in newest years Related Articles At present in History July Nadia s perfect Stephen Colbert says CBS is ending his Late Show in May Questions about surrogacy are raised in scenario of California couple with house brimming with kids Beef prices have soared in the US and not just during grilling season The rise of masked officers is controversial new ground in American life Oil giants Exxon Mobil China s CNOOC and Hess squared off in a heated competition for highly lucrative oil fields in northern South America With Chevron getting the green light on Friday it is now one of the major players in the Stabroek We disagree with the ICC panel s interpretation but respect the arbitration and dispute resolution process Exxon Mobil disclosed in a report on Friday Chevron broadcasted its deal for Hess in October less than two weeks after Exxon Mobil announced that it would acquire Pioneer Natural Materials for about billion Chevron announced at the time that the acquisition of Hess would add a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota Given the essential value we ve created in the advancement of the Guyana source we assumed we had a clear duty to our investors to consider our preemption rights to protect the value we created through our innovation and hard work at a time when no one knew just how accomplished this venture would become Exxon Mobil reported Friday We welcome Chevron to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved