LONDON, May 25 (Reuters) – Chevron (CVX.N) has launched a sale process for its Congo oil and gas assets as the US energy giant continues to focus its business on newer and more profitable production, industry sources said.
According to two sources close to the process, Congo assets could be worth up to $1.5 billion.
Chevron received bids for the assets this week, a source said.
“Chevron does not comment on rumors or speculation about its commercial activities, including potential acquisitions or divestments, which are under ongoing review,” the company said in a statement.
Congo’s Chevron production fell about 40% last year from 2019 to 31,000 barrels of oil equivalent per day (boed).
It has a 31.5% unexploited interest in the offshore Haute Mer license 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 sold old crude assets in Africa to focus on projects that have lower costs and also generate lower emissions during the production process, including onshore production in the US.
Chevron will sell oil fields in Nigeria in 2021 and explore new oil and gas resources in Namibia.
Report by Ron Bousso Edited by Mark Potte