Chevron has launched a sale process for its oil and gas assets in Congo as the US energy giant continues to focus operations on newer and more profitable production, industry sources have told Reuters.
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 rumours 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 per cent
from 2019 to 31,000 barrels of oil equivalent per day (boed) last year.
It has a 31.5 per cent non-operated stake in the offshore
Haute Mer permit blocks and a 31.3 per cent 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.