As part of the company’s efforts to streamline its operations, Chevron is putting its shallow-water Gulf of Mexico (GOM) acreage up for sale and will focus on its deepwater GOM projects, according to Fuel Fix.
The divestments will begin this year and are expected to be completed by the end of 2017. Fuel Fix noted that Chevron is targeting between $5 billion and $10 billion in asset sales globally by the end of 2017.
The GOM divestments will include 27 oil and gas fields that produce about 46,000 barrels of oil equivalent a day. Tudor, Pickering, Holt & Co. expects that Chevron could collect more than $1 billion from these sales.