Industry sources said Chevron (CVX.N) is selling its Congo oil and gas assets to focus on newer, more profitable output.
Two insiders say the Congo assets might sell for $1.5 billion.
One source indicated Chevron received asset bids this week.
“Chevron does not comment on rumors or speculations about its commercial activity, including potential acquisitions, or divestitures, which is in a constant state of review,” the company said.
Chevron’s Congo production dropped 40% to 31,000 beds in 2019.
It owns 31.5% of the offshore Haute Mer permission blocks and 31.3% of the Lianzi Unitization Zone, which Angola and Congo share.
The corporation has sold older oil assets in Africa to focus on lower-cost, lower-emission initiatives like its U.S. onshore output.
Chevron sold Nigerian oil fields in 2021 and is exploring Namibia for oil and gas.
