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Oil giant Chevron has entered a definitive agreement to buy oil and gas producer Hess for $53bn in an all-stock transaction indicating its belief that demand for fossil fuels will remain in years to come. 

Hess has significant presence in Guyana through its Stabroek block and its Bakken assets adds another leading US shale position to Chevron’s DJ and Permian basin operations. The acquisition will increase Chevron’s oil and gas production by more than 10%. 

PetroChina, Asia’s largest oil and gas producer, has reported a record-high third-quarter net profit, reflecting 21% year-on-year (YoY) growth. Increased production and improving domestic fuel demand has offset lower realised oil and gas prices.

Fertiliser maker Yara International on Monday announced that it has signed a deal with CO₂ transport and storage supplier Northern Lights for the cross-border transportation and storage of CO₂. The deal will see liquified CO₂, initially emitted by ammonia production processes at Yara’s Sluiskil facility in the Netherlands, shipped by Northern Lights to permanent storage on the Norwegian Continental Shelf.

The Federal Court of Australia has granted an interim injunction preventing oil and gas company Santos from starting work on its $3.6bn (A$5.6bn) Barossa gas project off the coast of northern Australia. 

The decision comes after Simon Munkara filed for a suspension to the pipeline project until its risk to underwater cultural heritage sites is properly assessed.