The dispute concerns Exxon et CNOOC the right of pre-emption over the participation of Hess. Exxon Mobil intends to pre-empt Chevron Corp CVX.N's acquisition of a 30% stake in a giant oil block in Guyana, the centrepiece of

Exxon and CNOOC are in talks over Exxon's claim of a pre-emption right over any sale of the Stabroek Block, a giant field off the Guyanese coast that contains at least 11 billion barrels of oil. Exxon operates all production in Guyana with a 45% stake in the consortium, with Hess and the Chinese company CNOOC 0883.HK being its minority partners. Chevron said it believed the negotiations “would lead to an outcome that would not delay, hinder, or prevent the completion of the merger.” However, Chevron also said that the dispute could be subject to arbitration if the two parties could not reach an