ChevronTexaco sells North Buzachi assets
Posted: 22 October 2003
ChevronTexaco Corp announced the sale of Texaco North Buzachi Inc.
which holds a 65 per cent interest in the North Buzachi oil and
gas field located in northwest Kazakhstan, to the China National
Petroleum Company International Limited (CNPC International Ltd.).
Terms of the sale were not released.
Commenting on the sale, Peter Robertson, vice chairman of ChevronTexaco
Corp., said, "We've made this decision to sell our interest
in North Buzachi as a result of the company's ongoing review of
its global portfolio of assets and our desire to sell those that
don't fit our long-term strategic objectives.
"We are the leading oil producer in Kazakhstan and have a
very strong and well balanced existing portfolio of assets including
lead positions in the giant Tengiz oil field development (ChevronTexaco
interest 50 percent), the Karachaganak gas/condensate development
(20 percent) and the Caspian Pipeline Consortium (15 percent). Our
intent is to focus our investments in the continued expansion of
these projects, growing significant additional value for the company
well into the future."
The North Buzachi oil field is located in western Kazakhstan, 120
miles north of the Caspian port city of Aktau, Kazakhstan, in the
Mangistau Oblast. Estimated size of the field is about 1.5 billion
barrels of oil in place of 20 degrees API crude with current production
of approximately 8,400 barrels per day. The field is close to crude
export infrastructure routing through existing pipelines to Russia
giving access to Black Sea, Mediterranean, Baltic and European markets.
For more information see http://www.chevrontexaco.com/
Posted by Richard Price,
Information supplied by companies
or PR agencies who are responsible for content. Send press releases