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Chevron’s Hess Acquisition to Boost Bakken Output

OIL

Production at Bakken Shale formation in North Dakota is likely to increase following Chevron’s acquisition of Hess, according to OilPrice.com.

  • Following the acquisition, Chevron is expected to maintain Hess’ ambitions to raise its production from the formation to 200k b/d of net oil equivalent by 2025.
  • Hess’ Bakken output in Q3 of 2023 was already 190k b/d, up from 166l b/d in Q2.
  • Bakken’s overall oil production could drop to 1.15m b/d from 2026 and plateau by 2030, according to Wood Mackenzie
  • Bakken’s location far from export terminals and refineries means it is subject to higher transport fees and smaller profits.
Energy BulletsCommodities
Energy BulletsCommodities

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