$53 Billion Guyana Oil Clash Heads to London Tribunal

A high-stakes arbitration kicks off Monday in London that could make or break Chevron’s $53 billion bid to acquire Hess Corp—and with it, a coveted 30% stake in Guyana’s booming Stabroek Block. ExxonMobil and CNOOC, Hess’s partners in the block, claim they have a right of first refusal on that stake, arguing the Chevron-Hess deal triggers the clause.

But Chevron and Hess counter that the right doesn’t apply to full corporate mergers. The outcome rests on contractual fine print, but the implications are massive: Guyana’s…