Chevron sells stake in Chad oil concession for about $1.3 bln

June 13 Fri Jun 13, 2014 1:46pm EDT

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June 13 (Reuters) - Chevron Corp, the second-largest U.S. oil company, said it sold its 25 percent stake in a producing oil concession and the related pipeline system in southern Chad to the country's government for about $1.3 billion.

The company is making Texas's oil-rich Permian shale field a top investment priority after pouring in billions of dollars into energy projects across Africa, Asia and South America, even as smaller companies successfully tapped U.S. shale fields.

The deal includes the sale of Chevron's interests in seven fields in the Doba Basin, which produced an average of about 18,000 barrels of crude oil per day in 2013, Chevron said in a statement.

Chevron is selling its 21 percent interest in the pipeline system that ships crude to the coast of Cameroon as well as associated marine facilities. (Reporting by Swetha Gopinath in Bangalore; Editing by Savio D'Souza)

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