According to a report from foreign media on Thursday, three months after Chevron (CVX.US) acquired Hess (HES.US) for $53 billion, the arbitration panel has yet to complete the arbitration, delaying ExxonMobil's (XOM.US) ruling on whether it has priority purchase rights over Hess's business in Guyana.

The report said that each party to the dispute appointed one arbitrator, and the two arbitrators nominated the third and final arbitrator, who has not yet been appointed, which means that the decision may not come as expected by Hess this year.

Mark Kelly, an analyst at MKP Advisors, said in an interview, 'The market hopes the arbitration process can be resolved as soon as possible, but they have never understood what Exxon wants to achieve. It is generally believed that Exxon has never even conveyed this information to Chevron or Hess.'

The arbitration panel will consider Exxon's claim, that Chevron is attempting to circumvent the priority purchase rights contained in the Joint Operating Agreement for Guyana's oil consortium.

Exxon executives said that arbitrators should consider the 'intent' behind the Joint Operating Agreement signed with Shell (SHEL.US), Exxon's original partner in Guyana, which sold its stake before oil was discovered in Guyana in 2015.

Chris Strong, a partner at Vinson & Elkins law firm and vice president of the International Energy Negotiators Association's contract model, believes that the priority purchase right issue usually 'depends on the specific language of the Joint Operating Agreement and the value of assets related to larger control change transactions.'