Chevron announced that it plans to sell assets worth $10 billion during 2014-2016.
This compares with sale proceeds of $7 billion received by the company during 2011-2013. Of this amount, approximately $2 billion was from sales in its upstream division. These included early-life divestments, such as those in the Browse Basin and in the joint development area between Nigeria and Sao Tome, as well as mature divestments such as those in the North Sea, GoM and Alaska's Cook Inlet.
Chevron also announced that it plans to allocate 67% of its spending in 2014-2016 to upstream exploration and production. The company allocated just 8% to its downstream and chemicals division, where it sold assets worth $2.5 billion in 2011-2013.
In July 2012, Chevron Kuo Pte Ltd sold 70% of Chevron Bitumen Vietnam to Puma Energy International.
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