Middle East

Chevron Eyes Sale of 3 Oils and Gass

February 21, 2022

Chevron Logo-Credits: Sundry Photography / Adob ​​eStock

Chevron aims to sell its shares in three oil and gas fields in Equatorial Guinea and hopes that recent rises in energy prices will help attract buyers, three industry sources told Reuters. rice field.

A US company acquired assets in a West African country as part of the $ 13 billion acquisition of Noble Energy in 2020.

Chevron could hire investment bank Jeffreys to carry out the sale process and raise $ 1 billion in funding, sources said.

Chevron declined to comment. Jeffreys declined to comment.

The decision to sell Equatorial Guinea’s assets is made because Chevron focuses on the most profitable production hubs, including the Permian Shale Basin and Kazakhstan in the United States.

With oil prices at CLc1 being the highest in seven years and strong demand prospects, the world’s top oil and gas companies are aging non-core assets of small buyers such as private equity-backed producers. I hope to attract you to.

Chevron holds a 38% stake in the Acene and Yolanda natural gas fields in Block 1 of Equatorial Guinea and a 45% stake in the Allengas and Condensate fields of Block O. We operate three oil fields.

The company expanded its presence in Equatorial Guinea in December when it signed an offshore block production sharing agreement. In the Douala basin.

According to the annual report, Equatorial Guinea’s assets added 441 billion cubic feet of natural gas to chevron reserves in 2020.

(Report by Ron Bousso, edited by Kirsten Donovan)

https://www.oedigital.com/news/494460-report-chevron-eyes-sale-of-three-oil-and-gas-fields-in-equatorial-guinea Chevron Eyes Sale of 3 Oils and Gass

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