(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
US Oil, Gas Rig Count Unchanged at 589 in Week to Dec. 13, Baker Hughes Says
2024-12-13 - U.S. energy firms this week operated the same number of oil and natural gas rigs as they did last week, according to Baker Hughes' weekly report.
Baker Hughes: US Drillers Keep Oil, NatGas Rigs Unchanged for Second Week
2024-12-20 - U.S. energy firms this week kept the number of oil and natural gas rigs unchanged for the second week in a row.
US Drillers Add Oil, Gas Rigs for First Time in 8 Weeks
2024-12-06 - The oil and gas rig count rose by seven to 589 in the week to Dec. 6, its highest since mid-September.
US Oil, Gas Rig Count Holds Steady for Record Third Week
2024-11-08 - The oil and gas rig count was steady at 585 in the week to Nov. 8, Baker Hughes said on Nov. 8. Baker Hughes said that puts the total rig count down 31 rigs, or 5% below this time last year.
Wildcatting is Back: The New Lower 48 Oil Plays
2024-12-15 - Operators wanting to grow oil inventory organically are finding promising potential as modern drilling and completion costs have dropped while adding inventory via M&A is increasingly costly.
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.