ChevronTexaco sells Papua New Guinea assets
Posted: 22 July 2003
ChevronTexaco Corp. has announced the sale of its indirect, wholly
owned affiliate Chevron Niugini Ltd. (CNGL) and all of its assets
in Papua New Guinea to Oil Search Limited for $96.6 million.
The transaction includes ChevronTexaco's oil and gas interests
in the Kutubu, Moran, Gobe Main and South East Gobe oil fields in
Papua New Guinea.
Commenting on the sale, Peter Robertson, vice chairman of ChevronTexaco
Corp., said, "Our decision to conclude business in Papua New
Guinea was a result of the company's ongoing review of its global
portfolio. While the Papua New Guinea assets do not fit our future
strategy, we take great pride in the outstanding relationship the
company has enjoyed with the people and government of Papua New
Guinea and in the recognition we've received for our environmental
record and our sustainable development performance."
The is subject to Papua New Guinea Government approvals and is
expected to close in the fourth quarter of 2003.
For more information see http://www.chevrontexaco.com/
Posted by Richard Price,
Editor Pipeline Magazine
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