Chevron Canada Limited, an indirect subsidiary of Chevron Corporation, has announced the sale of its 20 percent non-operated interest in the Athabasca Oil Sands Project, its 70 percent operated interest in the Duvernay shale, and related assets in Alberta, Canada. The buyer, Canadian Natural Resources Limited, will acquire the assets in an all-cash transaction valued at US$6.5 billion.
The deal, which has an effective date of September 1, 2024, is expected to close in the fourth quarter of 2024, pending regulatory approvals and customary closing conditions. The assets involved in the agreement contributed 84 thousand barrels of oil equivalent per day of production to Chevron in 2023, net of royalties.
This transaction is part of Chevron’s broader strategy to divest $10–15 billion in assets by 2028, aligning with its goal to optimise its global energy portfolio.
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