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US energy giant Chevron has commenced the sale process for its oil assets in the Democratic Republic of the Congo, reported Reuters, citing sources.

Two sources aware of the development said the assets up for sale could be valued at $1.5bn.

Interested parties submitted the bids for the assets this week, one of them said.

“Chevron does not comment on rumours or speculations about its commercial activity, including potential acquisitions, or divestitures, which is in a constant state of review,” the company said in response to the news.

The company’s oil production in the central African nation slumped nearly 40% from 2019 to 31,000 barrels of oil equivalent per day in 2022.

Chevron controls a 31.5% non-operated interest in the offshore Haute Mer permit blocks as well as a 31.3% operational stake in the Lianzi Unitization Zone, which is situated in a region that is equally shared by Angola and Congo.

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By GlobalData

The sale forms part of the US-based company’s efforts to reduce its legacy oil assets to focus on low-cost and low-emission projects.

In 2021, the oil giant sold its assets in Nigeria and is currently exploring new oil and gas opportunities in Namibia.

Earlier this week, Chevron signed a deal to buy US-based shale producer PDC Energy (PDC) in a deal valued at $6.3bn.

With the acquisition of PDC, Chevron hopes to add high-quality assets that complement its operations in key production basins in the US.