Chevron Canada Limited, a subsidiary of Chevron Corporation, has entered into a definitive agreement to sell key assets to Canadian Natural Resources Limited. This significant transaction involves Chevron’s 20% non-operated interest in the Athabasca Oil Sands Project and its 70% operated interest in the Duvernay shale, both located in Alberta, Canada.
Assets Included in the Deal
The sale includes two major Canadian energy assets:
- Athabasca Oil Sands Project: A 20% non-operated interest.
- Duvernay Shale: A 70% operated interest along with related infrastructure.
These assets have been crucial contributors to Chevron’s energy portfolio, producing a combined 84 thousand barrels of oil equivalent per day (boe/d) net of royalties in 2023.
Transaction Details
The deal, valued at $6.5 billion, is expected to close in the fourth quarter of 2024. The transaction is subject to regulatory approvals and customary closing conditions, which are typical for deals of this scale in the energy industry.
Chevron’s Global Strategy
This sale is part of Chevron’s broader strategy to optimize its global energy portfolio. Chevron had previously announced plans to divest $10–15 billion in assets by 2028, aiming to streamline operations and focus on higher-return investments. The sale of these Canadian assets marks a significant step towards achieving that goal.
Source: EgyptOilandGas