3VB advises Chevron in landmark arbitration clearing the way for US$53bn Hess merger

15 September 2025

3VB advised Chevron in a landmark arbitration that cleared the way for its US$53 billion merger with Hess Corporation — one of the largest oil and gas deals in recent years.

A 3VB team comprising Ali Malek KC, Ewan McKendrick KC (hon), Philip Hinks, Mark Wassouf, Ian McDonald and Emma Hughes represented Chevron in a dispute over pre-emption rights concerning Hess Guyana Exploration Ltd’s 30% stake in the Stabroek Block, one of the world’s most valuable oil fields.

In March 2024, subsidiaries of ExxonMobil and China National Offshore Oil Corp commenced ICC arbitration, contending the merger triggered contractual pre-emption rights. On 18 July 2025, ExxonMobil confirmed it had lost the arbitration and welcomed Chevron into the Stabroek venture. Chevron closed the merger the same day.

The Financial Times described the dispute as a “landmark arbitration” securing Chevron’s access to “one of the largest oil discoveries in decades.”