Hess CEO to consider appealing FTC's board seat ban next year
Hess forecasts Brent at $70-$80 per barrel by 2025
Says Yellowtail project in Guyana might start by July 2025
Hess says focused on integration for now
Adds Hess' commentary on oil demand and Yellowtail project between paragraphs 7 and 10
Nov 20 (Reuters) -The CEO of oil producer Hess HES.N said on Wednesday he would consider appealing the Federal Trade Commission's ban on him taking a Chevron CVX.N board seat when the Trump administration takes office.
The FTC in September barred John Hess from joining Chevron's board as part of a consent order that allowed the proposed acquisition to go ahead. The $53 billion deal has been stalled by a contract arbitration challenge by Exxon Mobil XOM.N and CNOOC 600938.SS, Hess' partners in a Guyana oil joint venture.
The FTC imposed the ban citing his communications with the oil producers' group OPEC during its efforts to curtail production.
Hess, in his first public comments since the FTC order, said that he and Chevron accepted the condition to get the needed approval for the combination while responding to a question on why he had not appealed it.
"With a new administration in there, that's something we'll consider. Right now, we're focused on the integration," Hess said at the Wolfe Research Oil and Gas Conference.
Separately, on a question regarding a possible dividend raise as the merger is delayed, Hess CFO John Rielly said it was an area in the agreement that requires Chevron's approval.
"We've had a good discussion with Chevron on that," he said, without elaborating after stating that the merger agreement bars Hess from making major capital expenditures or acquisitions without Chevron's approval.
Hess was also optimistic about global oil demand and expected it to rise by 1 million barrels per day annually through 2030.
The veteran oil executive also forecast Brent oil LCOc1 to trade between $70 and $80 per barrel in 2025.
On whether a July startup of the Guyana joint venture's $10 billion Yellowtail project is possible, Hess said, "We'll stick to the joint venture's stated plan of by the end of 2025."
Hess, however, said he would "side with the view" of a July start if Exxon's track record of starting projects ahead of schedule and under budget is taken into consideration.
Reporting by Sourasis Bose in Bengaluru; writing by Gary McWilliams; Editing by Sriraj Kalluvila
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