ChevronTexaco sells all assets in Papua New Guinea to Oil Search for $96 million

ChevronTexaco Corp. said July 21 that it has sold its affiliate Chevron Niugini Ltd. and all of is assets in Papua New Guinea to Oil Search Ltd. for $96.6 million.

San Ramon, Calif.-based ChevronTexaco said the sale includes all of the company's oil and gas interests in the Kutubu, Moran, Gobe Main and South East Gobe oil fields in Papua New Guinea.

The company said the Papua New Guinea assets do not fit its future strategy.

The sale is subject to Papua New Guinea government approvals and is expected to close in the fourth quarter.