The high-stakes clash between Exxon Mobil and Chevron over a prized South American oilfield may be a sign of what’s to come in the oil and gas industry as competition for a shrinking pool of prime assets heats up.

Chevron has secured its $53 billion acquisition of Hess, defeating Exxon in its yearslong attempt to block the deal and gaining control of an oilfield of major geopolitical importance. The oil major announced on Friday that it completed the acquisition of Hess after an arbitration panel with the International Chamber of Commerce dismissed Exxon’s claim