ChevronTexaco to sell North America properties

Petroleum News Staff

ChevronTexaco said April 23 that it will offer to sell more than 100 producing properties in North America in several regional packages. The Houston-based company said its net share of production from the properties offered for sale is approximately 25,000 barrels of oil equivalent per day.

The company said the properties are located primarily in California, Texas, Louisiana (both onshore and the outer continental shelf), Oklahoma, Wyoming and Alberta, Canada.

ChevronTexaco told Petroleum News that no Alaska assets are involved in the sale. Multiple packages of properties will be offered beginning in April, the company said, with bids due at various times through August. The company expects to complete the sale of all properties by the end of the third quarter.

"This offer of sale is part of ChevronTexaco's ongoing portfolio optimization program and is designed to improve operating efficiency and position the company for the right balance of future growth and returns," said Ray Wilcox, president of ChevronTexaco North America Upstream.