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The latest oil and gas news, dedicated to all things oil and gas: people, technologies, transactions, trends, and macro-economic analysis that impact commodity prices.
Guyana's economic development is at risk due to Venezuela's interference with its oil exploration and discoveries.
It's rare for disputes between any of the world's supermajor oil companies to spill out in public.
The acquisition of Hess would add a major oil field in Guyana, but it will require the approval of Exxon Mobil and a Chinese national oil company
Chevron warned Monday that its pending $53 billion acquisition of Hess, another oil and gas company, may be in jeopardy because it will require the approval of Exxon Mobil and a Chinese national oil company, which both hold rights to development of an oil field off the coast of the South American nation Guyana. The disclosure in a regulatory filing raised investor qualms over the acquisition, causing shares of both Chevron and Hess to drop. Chevron shares fell 3% before rebounding; Hess shares lost 4% of their value but bounced back slightly.