Chevron's Property Shuffle: Out with the Old, In with the Shale

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Lone Star Stories

Texas Oil Giant Grapples with New Mexico's Gas Wrath

New Mexico is seeking over $40 million in penalties from Texas-based oil and gas company Ameredev, alleging that five of its facilities violated state law by extracting oil and gas without a transportation method, leading to substantial pollutant release. Ameredev, accused of under-reporting emissions and violating rules dating back to 1935, has 30 days to respond to the penalties, including a separate $2.4 million fine from New Mexico's Oil Conservation Division.

Chevron's Property Shuffle: Out with the Old, In with the Shale

Chevron plans to sell several of its oil and gas properties in New Mexico and Texas, following its acquisitions in the shale sector, notably PDC Energy and Noble Energy. The assets up for auction, estimated to be worth around $100 million, include two separate parcels of land expected to yield significant oil and gas production; this move reflects Chevron's strategy to optimize its portfolio.

Reader Question of the Day

What is gas flaring and why it is performed?

Gas flaring is a process used in the upstream sector of the oil and gas industry, where excess natural gas associated with oil extraction is burned off. It occurs at the wellhead or in a flare stack and is usually ignited by a pilot light. Gas flaring can be a safety measure to relieve pressure from equipment or prevent the release of gases that could lead to an explosive mixture. However, it is also performed when the gas cannot be efficiently captured and transported for use due to technical or economic reasons. While the practice of gas flaring can prevent immediate safety hazards, it contributes to air pollution and climate change due to the release of carbon dioxide and other greenhouse gases.

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