Chevron announces US$6.5 billion sale of its interests in the Athabasca Oil Sands Project and Duvernay shale
Published by Alfred Hamer,
Editorial Assistant
Oilfield Technology,
Chevron Canada Ltd, an indirect subsidiary of Chevron Corporation (Chevron), has announced that it and a related entity have entered into a definitive agreement to sell their 20% non-operated interest in the Athabasca Oil Sands Project, 70% operated interest in the Duvernay shale, and related interests, all located in Alberta, Canada, to Canadian Natural Resources Ltd.
The US$6.5 billion all-cash transaction has an effective date of 1 September 2024, and is expected to close during 4Q24, subject to regulatory approvals and other customary closing conditions.
The assets subject to the agreement contributed 84 000 boe/d of production, net of royalties, to Chevron in 2023. This transaction progresses Chevron’s previously announced plans to divest US$10-15 billion in assets by 2028 to optimise its global energy portfolio.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/07102024/chevron-announces-us65-billion-sale-of-its-interests-in-the-athabasca-oil-sands-project-and-duvernay-shale/
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