Chevron to sell interests in Chad, Cameroon

Chevron Corp. reported that its subsidiary Chevron Global Energy Inc. has sold its 25% nonoperated interest in a producing oil concession in southern Chad and the related export pipeline interests to the Republic of Chad for $1.3 billion. The sale closed June 13.

“These assets have played a significant role for Chevron in Africa for the past 14 years,” said Ali Moshiri, president of Chevron Africa & Latin America Exploration & Production Co. “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 crude oil production of 18,000 b/d. The sale also includes the Chevron subsidiary’s 21% nonoperated interest in a pipeline system that transports crude to the coast of Cameroon as well as associated marine facilities.