Company News

ExxonMobil Responds to ICC Arbitration Ruling on Contractual Dispute with Hess


Published: Monday July 21, 2025
By: Oilfield Africa Review

Exxon Mobil Corporation has released a statement following a ruling by the International Chamber of Commerce (ICC) Tribunal related to its contractual dispute with Hess Corporation over interests in the Stabroek Block offshore Guyana:

”We disagree with the ICC panel’s interpretation but respect the arbitration and dispute resolution process. As we’ve said before, ExxonMobil and CNOOC are aligned that we had a duty to ensure contract terms are always adhered to and not set a bad precedent for ourselves and industry.

Given the significant value we’ve created in the development of the Guyana resource, we believed we had a clear duty to our investors to consider our preemption rights to protect the value we created through our innovation and hard work at a time when no one knew just how successful this venture would become.

We welcome Chevron to the venture and look forward to continued industry-leading performance and value creation in Guyana for all parties involved,” Exxon Mobil stated.

ExxonMobil, is one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses – Upstream, Product Solutions and Low Carbon Solutions – provide products that enable modern life, including energy, chemicals, lubricants, and lower emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants, and chemical companies in the world. ExxonMobil also owns and operates the largest CO2 pipeline network in the United States.

In 2021, ExxonMobil announced Scope 1 and 2 greenhouse gas emission-reduction plans for 2030 for operated assets, compared to 2016 levels. The plans are to achieve a 20-30% reduction in corporate-wide greenhouse gas intensity; a 40-50% reduction in greenhouse gas intensity of upstream operations; a 70-80% reduction in corporate-wide methane intensity; and a 60-70% reduction in corporate-wide flaring intensity.

Sponsored Partners

Discover our premium partners and explore their innovative solutions in the industry

Offshore Vessels
SBM Offshore’s FPSO One Guyana produces First Oil
Monday August 11, 2025
Conferences & Exhibitions
Ammat Global Resources Targets 70% Production Growth in Congo
Monday August 11, 2025
Solar energy
Scatec Secures Long-term 142 MW Solar PV Plant Project Financing
Wednesday August 6, 2025
African
Akrake Petroleum, Block 1 Sèmè Field, Benin S.A.
Wednesday August 6, 2025
Carbon Capture
Halliburton Secures NET’s Carbon Capture and Storage Contract
Wednesday August 6, 2025