Chevron has put multiple oil and gas assets in Texas and New Mexico on the market, reported Reuters, citing documents.

The news comes as the US-based energy company works to cut back on its acreage after making significant shale purchases.

Last month, Chevron signed a definitive agreement to buy US-based shale producer PDC Energy (PDC) in a deal valued at $6.3bn.

The company acquired Noble Energy in 2020, increasing its holdings in domestic shale gas and foreign gas.

Chevron has 2.2 million acres in the Permian Basin in West Texas and New Mexico, and has been selling its assets there.

Citing the listings on the EnergyNet online auction site, the report said that Chevron started an auction this month for an area in New Mexico totalling 2,134 net acres and another in New Mexico and Texas totalling 29,901 acres.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to a source, the shale assets are estimated to be worth around $100m.

The deadline for both bids is 27 July, the marketing brochures show.

Requests for comment from Chevron were not answered.

As per the brochures, production at the larger acreage up for sale was expected to be 770,000 net barrels of oil and gas, while at the smaller asset it was 1,818 barrels of oil and gas equivalent per day.

Last month, it was reported that Chevron started the process to sell oil assets in the Democratic Republic of Congo.

It is estimated that Congo assets could fetch up to $1.5bn for the US oil major.