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China's Cnooc (OTCPK:CEOHF) said Friday it had filed an arbitration claim to establish a right over Hess' (NYSE:HES) stake in Guyana's giant offshore oilfield in the event of the U.S. company's sale to Chevron (CVX).
Cnooc (OTCPK:CEOHF) said it filed the arbitration application on March 15, following a similar move by Exxon Mobil (XOM), its partner in the Stabroek offshore block, the site of the largest oil discoveries in nearly 20 years and expected to produce more than 1.2M bbl/day of oil and gas by 2027.
Stabroek operator Exxon (XOM) owns a 45% stake, while Hess (HES) has 30% and Cnooc (OTCPK:CEOHF) 25%.
Earlier this week, Cnooc (OTCPK:CEOHF) said its FY 2023 net profit declined 12.6% to 123.8B yuan (~$17.2B) following a record in 2022, due to weaker oil and gas prices.
The state-controlled firm also said its oil and gas production increased 8.7% Y/Y to 678M boe, driven by domestic fields in Bohai Bay and overseas operations in Guyana and Brazil.