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Chevron sells up to $5B of Asian assets

05 August 2016 15:30 (UTC +04:00)

Baku - APA-Economics. Chevron Corp. is paring its Asia operations, selling assets valued at up to $5 billion in an effort to raise cash, according to people familiar with the situation, reports The Wall Street Journal.

Among the assets Chevron is looking to sell is its stake in an offshore oil-field production venture with China’s state-owned oil company Cnooc Ltd., which could fetch as much as $1 billion, according to people familiar with the situation.

Chevron is also shopping its geothermal assets in Indonesia, the people said. The company is weighing bids valued at more than $2 billion, according to one person. Geothermal energy uses steam extracted from underground to generate electricity.

Chevron is also selling natural-gas-field assets in Thailand, according to people familiar with that deal.

Chevron has 8.9% equity in Baku-Tbilisi-Kars project, 11.27% in ACG.