Petroleum Africa
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Saturday, June 14, 2014
Chevron Corp.’s subsidiary, Chevron Global Energy Inc., has exited Chad as well as the Chad/Cameroon pipeline. The US major sold its 25% non-operated interest in a producing oil concession in southern Chad and the related export pipeline interests to the government of Chad approximately $1.3 billion. The sale closed June 13.
The transaction includes the sale of the company’s interests in seven fields in Chad’s Doba Basin and its approximate 21% non-operated interest in a pipeline system that transports crude oil to the coast of Cameroon as well as associated marine facilities.
The company said the sale demonstrates its focus on strategically managing its portfolio in order to maximize the value of its global upstream operations.
“These assets have played a significant role for Chevron in Africa for the past 14 years,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production Company. “They have been a profitable part of our portfolio for many years. The combination of current market conditions and the size of the assets relative to our portfolio make this an ideal time for a divestiture.”
At the time of its inception the Chad/Cameroon pipeline was hailed as a landmark project, with two countries coming together, along with a couple of heavy hitting US majors and an Asian NOC, and the World Bank to make the project a reality. Besides Chevron, ExxonMobil and Petronas were involved at the launch of the project.
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