Chevron launches sale of its oil assets in Congo - Sources

Chevron has launched a process to sell its oil and gas assets in Congo as the US energy giant continues to focus its operations on newer, more profitable production, industry sources said.

The Congolese assets could be worth up to $1.5 billion, according to two sources close to the process.

Chevron received offers for the assets this week, a source said.

"Chevron does not comment on rumors or speculation regarding its business activity, including potential acquisitions or divestments, which is under constant review," the company said in a statement.

Chevron's production in Congo fell by around 40% on 2019 to 31,000 barrels of oil equivalent per day (boe) last year.

It holds a 31.5% non-operated interest in the Haute Mer offshore permit blocks and a 31.3% operated interest in the unitization zone. de Lianzi, située dans une zone partagée à parts égales par l’Angola et le Congo.

The company has sold legacy crude assets in Africa to focus on projects that have lower costs and also generate fewer emissions during the production process, including its onshore production in the USA.

Chevron has sold oil fields in Nigeria in 2021 and is exploring new oil and gas resources in Namibia.