Chevron announces sale of interests in Chad, Cameroon ventures

Chevron logo14 June 2014, Sweetcrude, Houston – US super major, Chevron Corporation, Friday announced that its subsidiary, Chevron Global Energy Inc., has sold its 25 percent non-operated interest in a producing oil concession in southern Chad and the related export pipeline interests to the Republic of Chad for approximately $1.3 billion . The sale closed June 13 .

“This sale demonstrates our focus on strategically managing our portfolio to maximize the value of our global upstream businesses,” said George Kirkland , vice chairman of Chevron Corporation .

“These assets have played a significant role for Chevron in Africa for the past 14 years,” said Ali Moshiri , president of Chevron Africa and Latin America Exploration and Production Company . “They have been a profitable part of our portfolio for many years. The combination of current market conditions and the size of the assets relative to our portfolio make this an ideal time for a divestiture.”

The transaction includes the sale of the Chevron subsidiary’s interests in seven fields in Chad’s Doba Basin , which in 2013 had an average net daily crude oil production of about 18,000 barrels. The sale also includes the Chevron subsidiary’s approximate 21 percent non-operated interest in a pipeline system that transports crude oil to the coast of Cameroon as well as associated marine facilities.

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