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
24 June 2025
The country’s latest licensing round attracted bids from IOCs and NOCs in a better showing than its last outreach to bidders
24 June 2025
Africa’s second-largest oil producer is creating the right conditions for the sector to try to boost output, explains Ian Cloke, COO of UK-based Afentra
24 June 2025
The takeover, if it gets the all-clear from regulators and other government authorities, would propel XRG and its parent firm ADNOC into the top tier of global LNG players
23 June 2025
Jet fuel will play crucial role in oil consumption growth even with efficiency gains and environmental curbs, with geopolitical risks highlighting importance of plentiful stocks
