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/
