Chevron Sells Africxan Oilfield and Pipeline For $1.3 BlnJoe Carroll
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.