Chevron Corp. sold its 25 percent stake in an oil production project in southern Chad as well as its interest in a related pipeline for $1.3 billion.
The Republic of Chad bought the stakes from Chevron Global Energy Inc., a subsidiary of San Ramon-based Chevron (NYSE: CVX).
The deal covers Chevron’s stake in seven oil fields in the Doba Basin in Chad, fields that produced about 18,000 barrels per day in 2013. Chevron also sold its 21 percent stake in the pipeline carrying oil from those fields to the coast of Cameroon, as well as some seacoast facilities.
This sale closed on Friday.
Ali Moshiri, president of exploration in Africa and Latin America for Chevron, said it was “an ideal time for a divestiture.”…
South Africa Today Africa – Africa News Central Africa Chad