(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
Asia, EU Buyers Warming Up to US Shale M&A Again—Jefferies
2024-10-29 - Foreign asset buyers are considering U.S. upstream M&A to lower their LNG supply costs and avoid windfall taxes on European operations, Jefferies Managing Director Bill Marko says.
Investment Firm Aethon Explores Options for $10B US Natgas Assets, Sources Say
2024-11-13 - U.S. energy-focused investment firm Aethon Energy Management is exploring options for its natural gas production and midstream assets that include a sale or an initial public offering at a valuation of about $10 billion, including debt, people familiar with the matter said on Nov. 12.
Woodside, Tokyo Gas in Discussions Over stake in US LNG Project
2024-10-31 - Woodside has said it is seeking equity partners to take minority stakes in the export project, now called Louisiana LNG. CEO Meg O'Neill said earlier this month the company had received expressions of interest from "multiple parties."
California Mergin’: CRC-Aera Combination Creates Golden State Scale
2024-10-17 - CRC President and CEO Francisco Leon believes the state needs to bolster its own oil and gas production—not all citizens and lawmakers agree.
Energy Transfer’s Lake Charles LNG Closer to FID with Chevron Deal
2024-12-19 - Energy Transfer entered a 20-year agreement to supply Chevron with 2 mtpa of LNG from its Lake Charles LNG export facility, which is awaiting a final investment decision.
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.