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You are currently viewing Chevron Wins Green Light to Buy Into One of World’s Hottest Oil Projects

An arbitrator cleared the way for Chevron to buy Hess, allowing the energy giant to acquire a piece of one of the most promising oil projects in the world.

Chevron prevailed over Exxon Mobil in a high-stakes legal dispute, clearing the way for Chevron to buy into one of the world’s most valuable oil developments.

The ruling by the Paris-based International Chamber of Commerce on Friday means that Chevron can move forward with its acquisition of a smaller rival, Hess, for $53 billion.

It is a major win for America’s second-largest oil company, which is based in Houston and has been waiting nearly two years to close this deal amid growing investor concerns about the company’s future.

In Hess, Chevron gets a piece of a lucrative oil project off the shores of Guyana, in South America. It also gains an array of other assets, from North Dakota to Southeast Asia, that will extend the

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