SAN RAMON, Calif.--(BUSINESS WIRE)--Jun. 13, 2014--
Chevron Corporation (NYSE: CVX) today 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.
Chevron is one of the world’s leading integrated energy companies, with
subsidiaries that conduct business worldwide. The company’s success is
driven by the ingenuity and commitment of its employees and their
application of the most innovative technologies in the world. Chevron is
involved in virtually every facet of the energy industry. The company
explores for, produces and transports crude oil and natural gas;
refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power
and produces geothermal energy; provides energy efficiency solutions;
and develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about Chevron is
available at www.chevron.com.
Source: Chevron Corporation
Chevron Corporation, Houston
Isabel Ordóñez, +1 713-372-1841
