Chevron to sell some Gulf of Mexico assets

Offshore staff

HOUSTON Chevron has confirmed to Offshore that it will place some of its Gulf of Mexico assets on sale, aiming to fully withdraw from the acreage by the end of next year.

The company said it is turning its focus on deepwater as it looks to own “fewer, more complex” assets.

 “As part of this effort, Chevron is accelerating the sale of mature shelf properties and has begun marketing all shelf assets in the Gulf. The divestments will begin in 2016 and are expected to be completed by the end of 2017,” the company said in its statement.

Like many other companies, Chevron is undergoing a divestment plan as it tries to adapt to the low oil price environment.

“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. Over 2016 and 2017, we’re targeting another $5 billion to $10 billion in divestments.

In all cases, we will only sell assets where we can realize fair value,” the statement concluded.

The company noted that this sale consistent with its ongoing efforts to align its portfolio of assets with its overall long-term strategies.


Share your news with Offshore at

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...