(Source: Shutterstock.com)
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.
Recommended Reading
Not Sweating DeepSeek: Exxon, Chevron Plow Ahead on Data Center Power
2025-02-02 - The launch of the energy-efficient DeepSeek chatbot roiled tech and power markets in late January. But supermajors Exxon Mobil and Chevron continue to field intense demand for data-center power supply, driven by AI technology customers.
Chevron to Lay Off 15% to 20% of Global Workforce
2025-02-12 - At the end of 2023, Chevron employed 40,212 people across its operations. A layoff of 20% of total employees would be about 8,000 people.
Chevron Targets Up to $8B in Free Cash Flow Growth Next Year, CEO Says
2025-01-08 - The No. 2 U.S. oil producer expects results to benefit from the start of new or expanded oil production projects in Kazakhstan, U.S. shale and the offshore U.S. Gulf of Mexico.
NOV Appoints Former Denbury CEO Chris Kendall to Board
2024-12-16 - NOV Inc. appointed former Denbury CEO Chris Kendall to its board, which has expanded to 11 directors.
Chevron Names Laura Lane as VP, Chief Corporate Affairs Officer
2025-01-13 - Laura Lane will succeed Al Williams in overseeing Chevron Corp.’s government affairs, communication and social investment activities.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.