Chevron’s $50bn Anadarko takeover sees it enter Algeria with 320,000 b/d of gross output. But this is seemingly by accident. The key rationale for the biggest global oil takeover since 2015 is an even greater focus on the Permian, with LNG on the side.

The management of US major Chevron has made abundantly clear in recent years that the firm’s key focus is the US Permian shale basin (MEES, 4 November 2016). If last month’s announcement of plans to near-triple Permian...