February 29, 2024

Chevron Begins Marketing Shale Gas Prospects in Canada's DuVernay – January 19, 2024 at 5:55 pm

Chevron said on Friday it would put its shale gas business in Alberta, Canada, up for sale as it further streamlines its global operations following several major acquisitions.

The company produces about 40,000 barrels of oil and gas from its 70% interest in the DuVernay field in Alberta, about 235,000 acres, according to its website.

According to an analyst familiar with the company's operations, the assets could fetch more than $500 million.

Chevron has said it plans to offer $10 billion to $15 billion in assets following deals with Hess Corp, PDC Energy and Noble Energy, which will significantly expand its oil and gas production.

“We are in a strong position and proud of our performance at DuVernay,” a spokeswoman told Reuters. “The business has significant value, both in terms of current production and potential growth opportunities, which we expect to be attractive to other companies with complementary portfolios.”

The company's other Canadian operations are not affected, the spokeswoman said.

Chevron first announced plans to develop the East Kebab area of ​​Alberta's DuVernay deposit in 2017 after three years of exploration. By the end of 2022, 243 wells in the field were connected to production facilities.

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