Earlier this week, Chevron completed its acquisition of Hess Corp. It was one of the largest deals in the oil and gas space in recent history, after Exxon’s takeover of Pioneer Natural Resources, finalized in 2024. With that out of the way, the question begs to be asked: could the two U.S. giants strike a deal to create a single, much bigger giant?
PTTEP, Thailand’s national E&P company, has signed an agreement to buy 100% of the outstanding shares of Hess International Oil Corporation, which holds a 50% participating interest in the offshore natural gas Block A-18 of the Malaysia–Thailand Joint Development Area (MTJDA).
Full details of the decision were not immediately clear. The move came around the same time Washington and Caracas brokered an agreement that saw the release of 10 Americans detained in Venezuela, while 250 Venezuelans who were imprisoned in El Salvador were returned to their home country.
Chevron announced its plans to acquire Hess for some $53 billion in late 2023. Yet the megadeal ran into an obstacle when Exxon said it had right of first refusal to Hess’s stake in the Stabroek Block. Hess and Chevron countered that such a clause would only be valid in a stake acquisition situation, while the two had a company acquisition situation. CNOOC, the third partner in Guyana, sided with Exxon.
Petrobras, Exxon Mobil Corp. and Chevron Corp. have won exploration rights in Brazil’s Equatorial Margin, betting that the nation’s environmental regulator will finally open the promising offshore oil region for drilling after years of delay.
The 40 Outer Continental Shelf (OCS) federal leases, spanning approximately 1,000 km2 and located 175 to 330 km from shore, include 13 blocks located in the Walker Ridge area, 9 blocks in the Mississippi Canyon area and 18 blocks in the East Breaks area.
Chevron and Halliburton have jointly developed a new process that enables closed-loop, feedback-driven completions in Colorado. This intelligent fracturing process combines automated stage execution with subsurface feedback to optimize delivery of energy into the wellbore without relying on human intervention. The capability enhances the previous implementation of autonomous hydraulic fracturing technology.
The fire occurred while the platform was undergoing scheduled maintenance. A total of 17 people were injured. Authorities are working to recover a body spotted underwater near the platform, according to the ministry.
Venezuela saw its oil exports slump by nearly 20% in April from March to the lowest level in nine months, after state-owned oil firm PDVSA canceled cargoes for Chevron, Reuters reported on Thursday, citing shipping documents and tanker-tracking data.
Chevron Corp. has started oil and natural gas production from the Ballymore field, a deepwater subsea tieback in the Gulf of Mexico/Gulf of America.
The project, located about 160 miles southeast of New Orleans in the Mississippi Canyon area, is Chevron’s first development in the Norphlet trend. Ballymore connects three production wells to the existing Blind Faith facility, eliminating the need for a new offshore platform.