I wonder who will be held accountable for such a fools errand.
6 replies (most recent on top)
@OP 575 Hess employees are being held accountable.
Cost or arbitration very little and it proves to CVX that XOM wants full compliance with JOA (XOM's interpretation of the JOA) and if CVX disagrees they can arbitrate. Plus CNOOC agreed with XOM. Chinese govt will not be happy with CVX in future deals. Note: this issue and interpretation will affect all JOA's in the industry (based on AIEN model contract) signed after 2005 and may affect places like Gorgon, Kazahk, Angola, Nigeria, Brazil, Canada. Egypt, Cyprus, India, Indo. just ot name a few. All new JOAs will need to be rewritten to clarify Preemption rights under mergers, so it is also an industry level issue.
the good lawyers that exxon used to have must have left, leaving the newer ones who have never seen bloodshed but much cheaper to afford. That is what you get for cost cutting
Black eye for XOM and Darren
Congratulations to Chevron
It worked beautifully, it tied up chevron for more than a year, and just cost us lawyer fees. Well played Exxon lawyers!