Chevron launches sale of Congo oil assets

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Chevron launches sale of Congo oil assets - sources

Published May 25, 2023 05:24AM ET Updated May 25, 2023 12:31PM ET

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Chevron launches sale of Congo oil assets - sources

© Reuters. FILE PHOTO: The Chevron logo is pictured after the U.S. government granted a six-month license allowing Chevron to boost oil output in U.S.-sanctioned Venezuela, in Caracas, Venezuela, December 2, 2022. REUTERS/Gaby Oraa

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By Ron Bousso and Sabrina Valle

LONDON (Reuters) - Chevron (NYSE:CVX) 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 rumors 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.

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

It has a 31.5% non-operated stake in the offshore Haute Mer permit blocks and a 31.3% 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.

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