Chevron completes the Hess acquisition

Chevron Has against Exxon mobile In a dispute over the offshore oil capacity of the Hess Corporation in the South American nation of Guyana, Exxon CEO Darren Woods told Becky from CNBC on Friday.

The decision of the International Chamber of Commerce in favor of Chevron solves the way for the oil major to complete its 53 billion dollars -takeover of the Hess Corporation.

The Chevron shares rose by around 3%in the Premarket trade.

“We do not agree with the interpretation of the ICC committee, but we respect the process of arbitration and dispute resolution,” said Exxon in a statement on Friday.

The dispute had caused considerable uncertainty as to whether Chevron's acquisition of Hess would close and weigh the stock performance of the oil major. The transaction would be failed if Exxon had prevailed.

Exxon and China National Offshore Oil Corporation had submitted an arbitration with the ICC, which claims a right to initiate initial refusal to the Hess' assets in the Stabroek block, an oil development off the Guyana coast.

Hess has a 30% participation in an oil field, while Exxon leads the project with a share of 45% and CNOOC holds a share of 25%.

“We welcome Chevron in the company and look forward to the continued industry -leading service and the added value in Guyana for all parties involved,” said Exxon.