HOUSTON, June 29 (Portal) – Chevron (CVX.N) is offering to sell several oil and gas assets in New Mexico and Texas as the US oil giant seeks to gain land following major shale acquisitions, according to marketing documents seen by Portal cancel .
The US’s second-largest oil and gas producer last month agreed to buy shale oil company PDC Energy Inc (PDCE.O) in a $7.6 billion stock-and-debt deal. In 2020, the company acquired Noble Energy, increasing its US shale gas and international gas holdings.
Chevron has divested lands in the Permian Basin in west Texas and New Mexico, where it is the largest publicly traded oil and gas producer and land owner with 2.2 million acres.
This month, the company launched an auction for a 2,134 net acre lot in New Mexico and a second 29,901 acres in New Mexico and Texas, according to listings on online auction site EnergyNet.
According to a source familiar with shale plant values, the total value is approximately $100 million. According to marketing brochures, both offers are to be made on July 27th.
Chevron did not respond to requests for comment.
According to the documents, production was estimated at approximately 770,000 net barrels of oil and gas per day from the larger proposed prospect and approximately 1,818 barrels of oil and gas equivalent (boe) per day from the smaller prospect.
Reporting by Arathy Somasekhar in Houston
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