Chevron reduces involvement in Canadian oil projects

The U.S. energy giant Chevron has announced its intention to divest its non-operated interest in the Athabasca oil sands project and its operated interest in the Duvernay shale, both located in Alberta, Canada, to Canadian Natural Resources. The sale is valued at $6.5 billion in cash. This transaction, expected to be completed in the fourth quarter of 2024, marks a significant step in Chevron's strategy to divest assets worth $10 to $15 billion by 2028. The divested assets contributed significantly to Chevron's total production in 2023, with a daily output of 84,000 barrels of oil equivalent.