On July 3, Guolong News reported that the final members of the three-person arbitration panel have been selected. The panel aims to resolve ExxonMobil's claim against Chevron's $53 billion acquisition of Hess Corporation. The establishment of the committee will be a milestone in the long-deliberated process, which has brought uncertainties to both Chevron and Hess's large-scale merger planned to be completed in the first half of 2024. According to insiders, more information about the schedule is expected to be known in the coming weeks. In March this year, ExxonMobil filed an arbitration request with the International Chamber of Commerce (ICC), claiming that it has the right of first refusal to Hess's assets in Guyana. ExxonMobil, Hess and CNOOC operate all oil production in Guyana. Guyana has one of the world's largest oil fields discovered recently. ExxonMobil claims that Chevron's acquisition of Hess is to circumvent its right of first refusal to Guyana's valuable assets. Chevron and Hess argue that ExxonMobil's right of first refusal does not apply due to the structure of the merger and the provisions of the Guyana partnership agreement.