Oil production near Guyana is ramping up while production in places like the Permian Basin appears to be approaching a plateau.

Chevron is clear to proceed with its $53B acquisition of Hess after an arbitration panel dismissed Exxon Mobil's claim of a contractual right to bid for Hess' assets offshore Guyana.

Chevron will proceed with its $53 billion acquisition of Hess, CNBC reported on Friday, after it prevailed in a landmark legal battle against larger rival Exxon Mobil to gain access to the largest oil discovery in decades.