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Canadian Natural Resources Ltd. has completed the acquisition of Canadian oil sands assets from Chevron.
The deal, first announced in October, raises $6.5 billion in cash for Chevron and brings the company closer to its divestiture target to sell up to $15 billion in assets by 2028.
Canadian Natural Resources’ acquisition of Chevron Canada Ltd. includes a 20% interest in the Athabasca Oil Sands Project and a 70% operated interest in Duvernay Shale assets, as well as working interests in various non-producing oil sands leases.
Canadian Natural Resources now owns 90% of the Athabasca project, which includes the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage facility.
Production in the upcoming year for the acquired assets is expected to average 122,500 boe/d, including 62,500 bbl/d of long life, no decline synthetic crude oil at Athabasca. At Duvernay, 2025 production is estimated at approximately 60,000 boe/d from the Duvernay, comprised of 179 MMcf/d of natural gas and 30,000 bbl/d of liquids.
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