NorthAmOil: Exxon, CNOOC may derail Chevron’s $53bn bid for Hess

In a surprise move, ExxonMobil and China National Offshore Oil Corp. (CNOOC) are asserting that they have the right to pre-empt Chevron’s purchase of Hess’ stake in the prolific deepwater offshore Stabroek field off Guyana. This is according to Chevron in a US regulatory filing late on February 26.

After the announcement, Hess’ shares fell 3% in trading the next morning, and Chevron’s shares fell almost 2%, said CNBC.

In October Chevron had announced that it would buy New York-based Hess for $53bn in an all-stock transaction. The brightest spot in Hess’ assets was its 30% stake in the Exxon-led drilling consortium at Stabroek. Hess also has holdings in the Bakken shale field in North Dakota.

A note by analysts for Capital One Securities said at the time: "This deal is all about the world-class Guyana asset, which is by far the crown jewel in the Hess portfolio,". Stabroek, operated by Chevron-rival Exxon, is expected to triple production to more than 1.2mn barrels per day (bpd) by 2027.