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
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