Chevron is leaning into Argentina’s shale growth opportunities
Chevron expects Vaca Muerta to play a larger role in its portfolio in the coming years.
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At this rate, according to Reuters, Sinopec is on track to deliver a target set in 2022 to produce 500 000 t/y in 2025 at Jiyang, which is situated mostly in Shandong province and covers 1.8 million acres.
Chevron Canada Ltd has announced that it and a related entity have agreed to sell their interests in the Athabasca Oil Sands Project and the Duvernay shale to Canadian Natural Resources Ltd.
Reliance Industries has divested its interest in upstream assets in the Eagle Ford shale play in Texas.
The properties being sold include non-operated interests in over 400 producing wells (65.9 net) with recent production of greater than 4500 net boe/d (approximately 65% oil).
A report from Rystad Energy concludes that a surge in growth from Vaca Muerta is poised to lift Argentina’s country-wide oil production to the highest level in years, with the play’s competitiveness also rising against US basins.
Shell’s Permian business includes ownership in approximately 225 000 net acres with current production of around 175 000 boe/d.
Most US shale producers are being conservative in their production and capital guidance, as priorities remain around protecting balance sheets and generating free cash flow, according to GlobalData.
According to GlobalData’s latest report, ‘Bakken Shale in the US, 2021 – Oil and Gas Shale Market Analysis and Outlook to 2025’, Bakken Shale accounted for a mere 11% of oil and 2.8% of natural gas production in the US Lower 48 for 2020, which is a drop from 12% for crude oil and 3% for natural gas in 2019.
The two companies have agreed to develop 20 oil wells in the Bajada del Palo Oeste block, located in the Vaca Muerta shale play in Argentina.
