Chevron Corporation will acquire oil and gas assets in the Marcellus Shale in Pennsylvania, US, from Chief Oil & Gas and Tug Hill.
The 228,000 net leasehold acres, located in southern Pennsylvania, will give Chevron an estimated five trillion cubic feet of additional natural gas resource in its Marcellus Shale operations.
The transaction is expected to be closed in the second quarter of this year, and the value was not disclosed.
Chevron Corporation vice-chairman George Kirkland said that over the last year, Chevron had acquired nearly five million net acres of shale gas assets in the US, Canada, Poland and Romania.
Chevron North America Exploration and Production president Gary Luquette said the expansion of shale gas portfolio gives the company additional high-quality resources with strong growth potential, as well as proximity to and synergy with existing operations.
