The two biggest US oil companies have set off a race to secure petroleum reserves for the decades ahead, inking multibillion-dollar transactions to snap up the most promising production hotspots despite predictions that demand will peak by 2030.
Chevron on Monday announced its biggest ever acquisition: a $53bn deal for US operator Hess, giving it a foothold in oil production off the coast of Guyana, the industry’s most significant discovery in the past decade.
It struck less than two weeks after ExxonMobil, America’s other supermajor, unveiled a $60bn takeover of Pioneer Natural Resources, which is the largest operator in the world’s most prolific oilfield, the Permian Basin of Texas and New Mexico.