Chevron, one of the largest global energy companies, has announced the sale of its interests in two major projects in Canada . The transaction, valued at $6.5 billion, includes 20% of the Athabasca Oil Sands Project and 70% of its operating interest in the Duvernay shale, both located in Alberta.
Chevron sells Canadian assets and streamlines energy portfolio
This sale is part of Chevron’s divestment plan, with which the company seeks to optimize its global portfolio and move towards a strategy more focused on clean energy . In total, the assets sold to Canadian Natural Resources Limited have provided Chevron with production of 84,000 barrels of oil equivalent per day (boe/d) in 2023, net of royalties.
The transaction, which will be effective as of September 1, 2024 , is still subject to regulatory approval and other customary closing conditions. This move is part of Chevron ‘s efforts to divest between $10 billion and $15 billion in assets by 2028.
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Source: Chevron
Photo: Shutterstock
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