The US major will kick off its divestment campaign by shedding assets offshore China later in August, which will include its shareholding in a venture with China National Offshore Oil Corporation. According to insiders cited by the Wall Street Journal, the deal could be worth close USD 1 billion. Chevron has also put up for bid geothermal assets in Indonesia, valued at USD 2 billion, and gasfields in Thailand. In total, the company’s assets in Asia could fetch as much as USD 5 billion.
Chevron’s USD 10-billion divestment objective for 2016 was first announced in January, with the company having already reached 14% of its targeted volume. The details of Chevron’s Asia divestment efforts follow the announcement in late-July of a USD 1.47-billion loss over the second quarter of 2016. The company ran a USD 571-million profit over the same period last year. Chevron also posted drop of more than USD 10 billion in revenue to USD 29.28 billion.
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