Exxon Mobil scaling up operations in Guyana would make sense, though doing so would reduce the U.S. oil and gas company’s diversification and increase its exposure to a country threatened by a possible border dispute, RBC Capital Markets analysts say in a research note. Exxon and China’s Cnooc are stakeholders alongside Hess in a Guyana oil project and disagree with Chevron over the terms of a right of first refusal that could scupper its $53 billion deal for Hess. At first glance, it seems that Exxon and Cnooc could block the deal but not necessarily acquire Hess Guyana themselves, though this is likely up for debate, RBC says.