Key facts
- Chevron is exploring the sale of older oil and gas assets in the US Gulf.
- The sale aims to focus on high-growth developments in the region.
- Assets potentially for sale include Petronius, Tubular Bells, and Llano.
- The sale could raise around $1 billion.
- Buyer interest is expected from international and US operators specializing in offshore development.
Chevron is exploring the sale of some of its older oil and gas assets in the US Gulf, a move aimed at sharpening its focus on high-growth developments in the region. The energy producer confirmed it is in the early stages of a multi-month process that could see assets like Petronius, Tubular Bells, and Llano offloaded. The company is targeting US Gulf production to reach 300,000 barrels of oil equivalent per day by the end of the year, indicating a focus on newer projects such as Anchor and Ballymore, and continued exploration. Market conditions are favorable for the sale, with strong buyer interest in American energy production supported by elevated oil prices. The sale is expected to raise around $1 billion.