• Thursday, June 20, 2024
businessday logo

BusinessDay

Chevron launches sale of Congo oil assets

Guyana oil boom fuels Chevron’s $53bn purchase of Hess

Chevron has launched a sale process for its oil and gas assets in Congo as the U.S. energy giant continues to focus operations on newer and more profitable production, industry sources said.

The Congo assets could fetch up to $1.5 billion, according to two sources close to the process.

Chevron received bids for the assets this week, one source said.

“Chevron does not comment on rumours or speculations about its commercial activity, including potential acquisitions, or divestitures, which is in a constant state of review,” the company said in a statement.

Read also: ICPC probes billion-naira salary fraud syndicate in federal civil service

Chevron’s production in Congo fell by around 40 percent from 2019 to 31,000 barrels of oil equivalent per day (boed) last year.

It has a 31.5 percent non-operated stake in the offshore Haute Mer permit blocks and a 31.3 percent operating interest in the Lianzi Unitization Zone, located in an area shared equally by Angola and Congo.

The company has been selling legacy crude assets in Africa to focus on projects that have lower costs and also generate lower emissions during the production process, including its U.S. onshore production.

Chevron sold oil fields in Nigeria in 2021 and is exploring for new oil and gas resources in Namibia.