Chevron has agreed to sell its shares in Chevron Exploration and Production Netherlands, including its interest in Chevron Transportation, to Petrogas International E&P Coӧperatief, a subsidiary of Oman-based Petrogas E&P.
"Our decision to enter into the share sale agreement for these upstream assets was a result of the company’s drive to focus on assets more aligned with our long-term strategic growth objectives," said Craig May, managing director, Chevron Upstream Europe.
The transaction includes the sale of the Chevron subsidiary's interests in 11 offshore blocks on the Dutch Continental Shelf, which in 2013 had an average net daily production of approximately 2000bo and 41MMCF of natural gas.
Chevron's interests in the 11 blocks range from 23.5% to 80%. A block is usually split up into two or more licenses. In December 2013, Chevron acquired the A15a production license and the B17a exploration license.
Seven blocks, in which Chevron has working interests ranging from 23.5% to 34.1%, make up the A/B Gas Project.
Chevron also has interests ranging from 46.7% to 80% in three blocks that contain producing fields and a 60% interest in the P/2 exploration block.
The sale includes 100% of the shares in Chevron Transportation, which owns offshore and onshore crude oil and natural gas handling and transportation infrastructure.
