Chevron sells 30 pct stake in Canadian shale assets for $1.5 bln

Mon Oct 6, 2014 6:03am EDT
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Oct 6 (Reuters) - Chevron Corp said it would sell a 30 percent stake in its Duvernay shale formation assets in Canada to Kuwait Foreign Petroleum Exploration Co for $1.5 billion.

Chevron's subsidiary, Chevron Canada Ltd, has exploration leases for about 330,000 net acres (1,335 square km) in the Duvernay shale formation. The area is located about 124 miles (200 km) northwest of Edmonton, Alberta.

The deal creates a partnership for appraisal and development of liquids-rich shale resources in the Kaybob area of the Duvernay, Chevron said. (Reporting by Swetha Gopinath in Bangalore; Editing by Sriraj Kalluvila)