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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

EU Clears CMA CGM, NOL Merger, with Conditions

The European Commission said on Friday it had cleared French shipping group CMA CGM's $2.4 billion takeover of Neptune Orient Lines on condition that NOL pulls out from a rival shipping alliance.

Finance

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

SCHOTTEL Debuts EcoPeller with High-torque Gears

Propulsion and steering systems manufacturer SCHOTTEL has unveiled its new EcoPeller (SRE), which it said offers improved efficiency and robustness. Playing a

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

Energy

Oil Rally is Not Just About Hedge Funds: Kemp

Oil prices are becoming dangerously overheated as speculators anticipate a rebalancing of supply and demand that has barely started, according to many oil analysts.

Pressure Steady on LNG Shipping Rates -Drewry

LNG shipowners will have to wait until 2018 for earnings to improve, when the majority of new US plants are expected to come online, according to the latest edition

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

News

Pacific Nations Take a Stand on Shipping Emissions

On Earth Day, Pacific leaders queued among 175 countries to sign the Paris Agreement in New York. Earlier that day in London, the International Maritime Organization (IMO),

Sellick Equipment to Open New Facility

On April, 20, 2016, at the young age of 97 years, Walter Sellick along with sons Howard Sellick - President, David Sellick - Vice President and grandson Colin Sellick - Systems Manager,

Asia Tankers-VLCCs Rates Ease as Tanker Jams Fade

Port congestion eases at Basra and Chinese ports; tanker demand set to expand on lower oil prices. Freight rates for very large crude carriers (VLCCs), hurt by slower-than-usual release of cargo,

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1890 sec (5 req/sec)