Chevron sells Chad, Cameroon interests for ~$1.3B


Chevron (CVX +0.5%) says it has sold its 25% non-operated interest in a producing oil concession and related export pipeline interests to the government of Chad for ~$1.3B.

The deal includes the sale of CVX's interests in seven fields in Chad's Doba Basin, which produced ~18K bbl/day in 2013, and a ~21% non-operated interest in a pipeline system that transports crude oil to Cameroon as well as associated marine facilities.

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Comments (5)
  • Michael Fitzsimmons
    , contributor
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    Good action! Finally taking a play from COP's playbook....
    13 Jun 2014, 08:50 PM Reply Like
  • treyminator
    , contributor
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    It's about time CVX started selling assets located in unstable geopolitical levels. Obama's flacid response to ISIS should be observed and heeded by Big Oil. The U.S. is not going to step in to stabilize the Middle East so you best sell problematic assets as best you can.

     

    Obama's "consideration" of air strikes shows just how ineffective he and his Administration are on the world stage. If he and his cronies had not stalled important energy projects like GOM drilling and pipeline projects the WTI oil prices would not be increasing as fast as they are. When voters are paying $5+ per gallon of gas and higher food prices in the Fall the Dems are going to suffer at mid-term elections. "Change" has just about come full circle and if Dems lose more power in the Legislature the "Change" administration will have reached an anti-climatic end.
    14 Jun 2014, 10:10 AM Reply Like
  • Michael Fitzsimmons
    , contributor
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    I am no big fan of Obama, but I was no big fan of Bush either. I am glad Obama is not going back into Iraq. The US never should have gone in there in the first place. It has done nothing but run-up the debt, caused many American lives and we have a huge VA liability decades into the future. And what did we get for it (other than defense company profits...)? Chinese companies are now producing more oil in Iraq than are US companies. A complete disaster and far from "mission complete". What a joke.

     

    The Shia, Sunnis, and Kurds have been fighting for a thousand years. The original borders drawn in the Middle East by a British civil servant without regard to tribal history (but with much regard to oil...) was a big mistake. Bush going into Iraq was a disaster - plain and simple. I say we let it play out and let them divide the area into the three countries they have always wanted to be: Shia, Sunni, and Kurds. After all, if we go in now on the side of Baghdad, wouldn't we be assiting Iran - the "axis of evil" (according to Bush)? It's hilarious to me that at first McCain wanted to "bomb bomb bomb, bomb bomb Iran", and now he wants to go in and support Baghdad who already has elicited support from Iran! It just goes to show what a mess the country is in and why the US should should have just stayed out of it in the first place.
    14 Jun 2014, 12:27 PM Reply Like
  • treyminator
    , contributor
    Comments (85) | Send Message
     
    What I'm really advocating is allowing the U.S. private sector to fully develop oil and gas energy sources so the U.S. is more energy independent. For instance, if the leadership supported the use of natural gas to operate our vehicles we could be a lot further along in having the infrastructure built to use gas as a transportation fuel.

     

    As far as the Iraq war and whether the U.S. should have invaded - I'd agree that was a big mistake. However, that war happened primarily as a result of the terrorist attacks of 9/11 and this country's frustration in not being able to get hold of the terrorist leadership soon after the attacks on this country. And while that war was a mistake, there's no doubt a big problem is now taking hold in Iraq. I don't think it wise to ignore what's happening. After all, that's what we did with Afghanistan for many years until 9/11.
    15 Jun 2014, 03:31 AM Reply Like
  • Michael Fitzsimmons
    , contributor
    Comments (10729) | Send Message
     
    I agree natural gas transportation solves many of the problems the US faces as a result of its addiction to oil.

     

    Wrt to Iraq, I am not suggesting the US ignore what is happening. What I do suggest is the US simply let the country evolve into the 3 parts it would have been had the Brits not drawn the MidEast countries' borders the way they did: Sunni, Shia, and Kurd. The US should then deal with each region on its own merits, similar to the way General Petraeus was making deals with them when he was in charge.

     

    In my opinion, the war in Iraq had nothing to do with 9/11. It had to do with fake "intelligence" and oil. You would have thought after Vietnam the US would have learned a thing or two. Obviously not. As a result, we have lost lives, the US is in deep debt, we have a VA crisis that will last decades, and when it comes to the goal (oil) - the Chinese are pumping most of it. Mission not accomplished.
    15 Jun 2014, 07:27 AM Reply Like
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