CALGARY — California-based Chevron Corp. is looking at selling its 20 per cent stake in the Athabasca Oil Sands Project in northern Alberta, according to a media report.
The company has discussed with investment banks the idea of selling its stake in the oilsands mine and upgrading project, Reuters is reporting, citing anonymous sources.
Neither Chevron nor project operator Royal Dutch Shell responded immediately to a request for comment on the report.
Last month, Shell announced it had agreed to sell most of its Canadian oilsands assets to Canadian Natural Resources (TSX:CNQ) for C$11.1 billion, comprised of about US$5.4 billion in cash plus 98 million shares.
The two companies also announced they would buy out Houston-based Marathon Oil's 20 per cent stake in the Athabasca Oil Sands Project for a total of US$2.5 billion.
The deals, which are part of a recent trend by international companies to pull back from the oilsands, are expected to close in mid-2017.
The Canadian Press