Chevron Shares Tech with Rivals to Boost Shale Oil Output

Chevron is sharing its chemical technology with rival oil producers to boost shale oil output. The move comes as the U.S. shale industry faces declining well productivity.

According to Chevron, its chemical surfactants have improved production from newly drilled wells by up to 20% in the first year and reduced production decline in existing wells by between 5% and 8%

Chevron has licensed its technology to ZL Chemicals, which will oversee sales to other oil companies.

U.S. President Donald Trump recently urged oil companies to increase output and help bring down gasoline prices during the U.S.-Israeli war with Iran.