Since Monday, oil majors Exxon and Chevron have been locked in a high-stakes arbitration battle over the fate of an ocean’s worth of oil right off the Guyana coast. Last year, Chevron spent $53 billion to buy Hess, which has a 30 percent stake in an 11 billion barrel discovery of oil and gas belonging to the South American nation of Guyana. Exxon alleges that it has contractual rights to pre-empt the bid and has delayed the deal for 18 months in doing so. Hess’ share of the Guyana fields could be worth $40 billion. The project in Guyana — operated by Exxon, Hess and China’s Cnooc — is today six oil-production vessels pumping 650,000 barrels a day, which aims to reach 1.3 million barrels a day by 2027.
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