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Chevron Sells Africxan Oilfield and Pipeline For $1.3 Bln

Chevron Corp., the world’s third-largest energy producer by market value, sold its stakes in an African oilfield and pipeline for $1.3 billion.

Chevron sold a 25 percent stake in an oil concession in southern Chad that produced about 18,000 barrels of crude daily, the San Ramon, California-based company said in a statement today. That equated to less than 1 percent of Chevron’s worldwide output last year, according to data compiled by Bloomberg.

The transaction also involved divestiture of Chevron’s interest in a pipeline that connects the Chadian oilfield to a port on Cameroon’s coast.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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