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

People & Company News

EMS Seven Seas Announces New CEO

EMS Seven Seas announces new CEO; enters into agreement to acquire Wave Shipping, a Singapore-based maritime and port agency services company. EMS Seven Seas,

Liebherr Sees Growing Demand for Harbor Cranes in Latin America

Several new deliveries to Latin America; strong 2014 year for Liebherr mobile harbor cranes Liebherr said its mobile harbor crane population in Latin America

Sri Lanka Port Project: China Merchants, CHEC Invest $601-M

Two of China's largest port operators and engineering firms have agreed to invest in a $601 million terminal in Sri Lanka's Hambantota port, part of a series of

Finance

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

Energy

For Europe's LNG Ports, Russia Gas Fears and US Exporters Buoy Demand

Gas buyers nervous of Russia cutting supply are helping solve Europe's problem of too many underused liquefied natural gas (LNG) terminals, as they seek space at France's Dunkirk plant.

Statoil: COSL Pioneer Temporarily Suspended

Due to overcapacity in their rig portfolio, Statoil will lay up the COSL Pioneer rig in the fourth quarter of 2014. The rig is currently carrying out an assignment

Buckeye Pipeline Quietly Makes Key Acquisition

Houston-based logistic firm Buckeye Partners has spent more than $3.5 billion buying assets since 2010, transforming itself from a quiet regional pipeline utility into an emerging energy powerhouse.

News

World’s Largest Iceberg Continues to Break Apart

The United States National Ice Center (NIC) named three new icebergs after a previous iceberg B15T broke into four pieces. B15T remains, while the resultant icebergs are named B15Z, B15AA and B15AB.

Arctic Wreck Found after 169 Years

After more than 169 years, Canadian researchers discovered one of the two ships from the doomed Arctic expedition of Sir John Franklin, cracking one of the largest mysteries in sea exploration.

URAG Orders Two ASD Tugs from Damen

URAG, a German port and offshore towage provider based in Bremerhaven, has placed an order for two Damen ASD 2411 tugs. The contract was signed at the SMM exhibition in Hamburg.

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Salvage Ship Electronics Ship Repair Sonar
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: 0.1705 sec (6 req/sec)