ChevronTexaco selling interests in three North Sea fields

ChevronTexaco Corp. announced it will sell its equity interests in three North Sea fields that collectively produce 21,500 boe/d. The stakes up for sale involve properties in Galley, Orwell, and Statfjord fields.

July 15, 2003

By OGJ editors
HOUSTON, July 15 -- ChevronTexaco Corp. announced it will sell its equity interests in three North Sea fields that collectively produce 21,500 boe/d. The stakes up for sale involve properties in Galley, Orwell, and Statfjord fields.

The company's European upstream business unit expects to complete the sales by the end of the first quarter. It did not disclose the monetary amount that it expects.

The divestiture is intended to improve operating efficiency and strengthen the performance of the upstream Europe portfolio, a spokesman said.

Previously, ChevronTexaco announced plans to sell 100 properties in California, Texas, Louisiana, Oklahoma, Wyoming, and Alberta. The company's net share of production for the properties is 25,000 boe/d (OGJ, May 19, 2003, p. 39).