The deal comes as it focuses its growth plans in other parts of the world, such as the Permian basin in the US and the Tengiz field in Kazakhstan
CHEVRON has agreed to sell its stakes in some oil sands and shale assets to Canadian Natural Resources for US$6.5 billion.
The deal relates to Chevron’s 20 per cent interest in the Athabasca Oil Sands Project, and a 70 per cent holding in the Duvernay shale. Both are located in the Canadian province of Alberta, the company said on Monday (Oct 7).
The all-cash transaction has an effective date of Sep 1, and is expected to close during the fourth quarter, subject to regulatory approvals.
The asset sale comes as Chevron increasingly focuses its growth plans in other parts of the world, notably the Permian basin in the US and the Tengiz field in Kazakhstan – where a US$48.5 billion expansion project is nearing completion.
Chevron is also acquiring Hess for US$53 billion, a deal that would boost its presence in the South American country of Guyana, one of the world’s exploration hot-spots. BLOOMBERG
