Chevron is buying Hess
Chevron deal energises the Bakken
The major’s acquisition deal could keep oil production in the mature play going for longer
Chevron’s announced $53b acquisition in late October of US producer Hess Corporation, including its significant production and resource in the Bakken, has the potential to prolong oil production in this relatively mature US shale play—if not boost it slightly—experts claim. "The Bakken adds another prolific US shale basin to our leading positions in the DJ [Basin] and the Permian... with a long queue of economic future drilling locations," Chevron CEO Mike Wirth said during the conference call announcing his company’s acquisition of Hess on 23 October. "From our [understanding] it looks like there is at least 15 years of inventory at the current four-rig level of drilling." The acquisition p
Also in this section
6 May 2025
Sino-US trade tensions could see crude consumption crumble despite recent buying behaviour
5 May 2025
The country is seeing a notable increase in petroleum product retail outlets, with private operators gaining market share
2 May 2025
Fast-tracking US project approvals and increased trade pressures have already changed the LNG landscape since Trump came to office, with further transformation ahead
2 May 2025
Peru’s state-owned hydrocarbons agency has launched the search for new investors for Offshore Block Z-69, a high-potential asset in the prolific Talara Basin.
