Looks like the Parisians made a decision. Let's hope we hear soon
11 replies (most recent on top)
@170 The mooted deal with Chevron has had an influence on Hess's operations over the last year or two, for example Hess's participation in media events, and public disclosure of information wrt Guyana assets specifically. So why would it not then had an impact on exploration license strategy in offshore Suriname, adjacent to the Guyanese border, where both Hess and Chevron have an operational presence? I simply asked the question, why the Block 59 relinquishment now, after waiting a year, and on the eve of the arbitration announcement, and before Chevron has had the chance to have a close look at the seismic data acquired by the Block 59 co-venturers? Perhaps start asking questions along those lines instead. It's you that introduced the "reliable sign" wording, not I. There are bound to be numerous impacts on Hess's operations, if the deal falls through. The ones that involve 3rd party's (such as Governments) where Hess has an external liability, that is to some degree in the public domain, is where clues about this deal's status would be found. I imagine that the arbitration result has been disclosed to all party's involved, with an agreed-upon period of secrecy before the result is made public.
@15z that’s hilarious. Since when was exploration acreage relinquishment a reliable sign of a $50 Billion deal or not?!
@15z ** oops, Suriname government, not Guyanese.
Just this last week, Hess handed back Suriname deep-water Block 59 to the Guyanese government. a full year after other co-venturers [ExxonMobil and Equinor] exited the block. Why relinquish now, just as the Stabroek arbitration decision has been reached? Chevron has a presence in Suriname (adjacent block 42 [Hess co-venturer], plus 5 and 7). Were Hess waiting for Chevron to be on board, and so then be able to share the block 59 seismic data? Perhaps this is an indicator that Chevron isn't now coming on board, so Hess had freedom to finally let block 59 go?
"More than likely, Chevron offers compensation to Exxon for the deal to go through and settles the arbitration. "
Why would Chevron give Exxon a penny now that arbitration is completed? Exxon has no leverage anymore unless they win the arbitration (which now seems unlikely).
Sc--w Exxon
More than likely, Chevron offers compensation to Exxon for the deal to go through and settles the arbitration. That’s all Exxon ever wanted was more money, they took a big gamble when they initiated the exploration in Guyana. There was an excellent documentary on the television about the country of Guyana and Exxon gambled and the risk paid off. Exxon cheated the country out of the mineral rights and are reaping large profits. They just want more $$$ from Chevron to allow the deal to go through.
@OP Given that arbitration hearing was only two days long, I'm guessing it's going Chevron's way. Just a delay tactic from XOM I think
If the decision does not go in favor of Chevron, there will definitely be more reductions than planned right now. We desperately need the Guyana oil.
It would be funny if the decision went against Chevron but he would likely take it out on the staff with more redundancies
"We remain confident in our position and appreciate the arbitration panel giving this issue the due consideration it deserves," an Exxon spokesperson said in a statement.