Several significant international arbitration decisions were handed down for the oil & gas industry through 2025, with the most notable cases concerning joint operating agreements (JOAs), LNG long-term supply contracts and the evolution of the Energy Charter Treaty. JOAs: The ExxonMobil v. Hess Arbitration Chevron’s $53 billion merger with Hess finally closed in July 2025, but not until an International Chamber of Commerce (ICC) tribunal had ruled in favor of Hess in the Stabroek JOA arbitration. In that case, Exxon had claimed it had a right of first refusal over Hess’s 30% interest in the Stabroek block, in offshore Guyana, with many commentators suggesting that the ruling could set a precedent for future joint ventures in the oil & gas sector. The Stabroek block was first discovered in 2015 and quickly raised the profile of Guyana as one of the world’s fastest growing oil regions.