Chevron to Sell $5bn Worth of Assets in Asia

Chevron Corp. is likely to sell assets worth $5 billion in Asia to raise cash, according to Wall Street Journal (WSJ).

The company will start selling its assets offshore China this month. Chevron will sell stake in an offshore oil field production venture with China’s state-owned oil company Cnooc Ltd., which could fetch as much as $1 billion, people familiar with the situation told WSJ.

In Indonesia, Chevron is planning to sell its geothermal assets. The company expects bids worth more than $2 billion, according to one person.

In Thailand, the company is selling natural gas field assets in Thailand.

The company continues to operate a natural-gas production business in Bangladesh and onshore in China, as well as offshore production in Indonesia, WSJ added.