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Oil Majors Dive Into Deepwater Projects Despite Tight Budgets

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Despite tightened budgets, frontier drilling…

Chevron Speeds Up Sale of Shallow Gulf of Mexico Assets

As it refocuses on deepwater projects and bigger and more complex assets, Chevron Corp. is moving to speed up its sale of shallow water assets, eyeing divestment for this year.

“Our asset sales program has been successful as well-timed transactions have captured good value and generated $11.5 billion in cash through the end of 2015,” a Chevron spokesperson told Rigzone, adding that the company was planning in seeing an additional $5-$10 billion in divestments over the course of this year and next.

Related: Supreme Court Vacancy Leaves Energy Industry In Limbo

Chevron is also planning to sell off 75 percent of its South African business unit. These assets include a 110,000-barrel refinery in Cape Town, the Caltex service station network and interests in a Durban lubricants plant.

The company has not yet given a timeframe for the South African asset sale.

In its fourth quarter 2015 report, Chevron posted losses of $588 million, largely on poor upstream performance and low refining margins. Profits took a hit, but production was up. Chevron said it would cut spending by $9 billion this year.

Related: How Far Will The U.S. Go If Turkey Invades Syria?

One of the biggest producers in the Gulf of Mexico, Chevron is also one of the biggest deepwater leaseholders here, with an average net daily production in 2014 of 82,000 barrels of crude, 67 million cubic feet of natural gas and 8,000 barrels of natural gas liquids. Most of the production has come from the Perdido Regional Development project, which includes the Tahiti, Blind Faith and Caesar/Tonga fields.

By James Burgess of Oilprice.com

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