Chevron Sells Stake in Chad Oil Concession

Posted by Eric Haun
Friday, June 13, 2014

Chevron Corp, the second-largest U.S. oil company, said on Friday it sold its 25 percent interest in an oil concession and pipeline system in southern Chad to the country's government for about $1.3 billion.

Chevron is making Texas's oil-rich Permian shale field a top investment priority after pouring billions of dollars into riskier energy projects across Africa, Asia and South America.

The Chad deal includes the sale of Chevron's interests in seven fields in the Doba Basin, which produced an average of about 18,000 barrels of crude oil per day in 2013, Chevron said in a statement.

Chevron is selling its 21 percent interest in the pipeline system, which ships crude to the coast of Cameroon as well as associated marine facilities, the San Ramon, California-based company said.

"The combination of current market conditions and the size of the assets relative to our portfolio make this an ideal time for a divestiture," Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company, said in a statement.

Last year, 75 percent of Chevron's oil and gas production came from outside the United States, it said.

Shares of Chevron rose 84 cents, or less than 1 percent, to $126.95 in afternoon New York Stock Exchange trading. So far this year the stock is up 1.6 percent, underperforming a 5 percent gain in the Standard & Poor 500 index.

(Reporting by Swetha Gopinath in Bangalore and Anna Driver in Houston; Editing by Savio D'Souza and Leslie Adler)

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

Fednav Celebrates Anniversary Trio in Cleveland

Fednav Limited held a reception on board one of its vessels, the Federal Mayumi, at the Port of Cleveland yesterday to celebrate a trio of anniversaries: the 70th

Karl Senner Inks Distribution Deal with Electronic Power Design

Karl Senner, LLC (KS) has reached a new strategic representation agreement with Electronic Power Design (EPD). Karl Senner, LLC now represents EPD in the United States marine and offshore Markets.

Finance

New Company Takes Over OW Tanker

OW Tanker, a unit of bankrupt OW Bunker and owner of its marine fuel supply ships, has been taken over by a newly-created company, the fleet manager told Reuters on Wednesday.

WRRDA: Clearing the Channel for P3 Projects

A Creative Combination for Financing Inland Waterways Infrastructure Earlier this year, the U.S. maritime industry in general, and the inland waterways industry in particular,

Choosing the Best Financing Proposal

It isn’t always about the rate. In a robust boatbuilding market – like the one we see now – even the most successful, financially stable operators need to borrow.

Energy

Fourth Rig Delivered to Perforadora Central

Keppel AmFELS LLC, a wholly owned US subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), has delivered the jackup rig, Coatzacoalcos, to Mexico’s Central Panuco S.

Massive LNG Absorber Shipped to Malaysia

Successful transport of 1,480t absorber for biggest LNG plant worldwide in Malaysia.   1,480 tons and a high center of gravity made the transport of an absorber

EU: Ships Will Measure CO2 Emissions

Shippers to begin monitoring from 2018; Environmental groups say law is weak, shippers favorable. The shipping sector will for the first time have to monitor

News

ClassNK Approves Niigata Dual-fuel Engine Design

Classification society ClassNK has granted approval to the design of the new 28AHX-DF dual-fuel engine developed by Niigata Power Systems Co., Ltd. The new engine

MacGregor Deck Equipment for Intership's Eco-bulkers

MacGregor, part of Cargotec, has secured a deck equipment contract from New Times Shipyard in China for Intership Navigation Co Ltd.'s three new 36,500 dwt laker-class bulk carriers.

W&O, LESER Partner to Deliver Safety Relief Valves

W&O, a global supplier to the marine and upstream oil and gas markets for pipe, valves and fittings, valve automation and engineered solutions, has partnered with

 
 
Naval Architecture Navigation Offshore Oil Pipelines Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1887 sec (5 req/sec)