Chevron and Shell Agree to Take On Ghana Deepwater Block

Chevron and Shell have signed a non-binding agreement covering production rights to Ghana's South Deepwater Tano Cape Three Points block, extending both companies' positions in West African offshore acreage. Terms of the arrangement have not been disclosed.

Separately, Chevron has been assigned additional acreage in Venezuela's Orinoco Belt, adding to a heavy oil position the company has maintained through several shifts in the sanctions environment. Taken together, the two moves point to continued upstream expansion rather than a purely returns-focused posture.

The company reported second-quarter profit of $12.1 billion, with global production volumes up roughly 20% year over year and record domestic output and U.S. refinery crude runs. Chevron closed at $209.51 on September 18, down 0.97% on the session, as crude prices eased from the highs reached earlier in the week.