(CercleFinance.com) – Chevron indicates that its indirect subsidiary Chevron Canada Ltd has reached an agreement to sell certain of its assets located in the Canadian province of Alberta, to Canadian Natural Resources Ltd, for 6.5 billion US dollars.
The assets concerned, namely a 20% non-operated interest in the Athabasca Oil Sands project, a 70% operated interest in the Duvernay formation and associated interests, represented 84,000 boe/d of production (net of royalties) for Chevron in 2023.
This transaction, carried out entirely in cash, is expected to be finalized during the fourth quarter of 2024, subject to regulatory approvals and other customary conditions.
Chevron says the move advances its previously announced plans to shed $10 billion to $15 billion in assets by 2028 to optimize its global portfolio.
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