Chevron Canada

Chevron Canada has reached an agreement to sell 30% of its interest in the Duvernay shale—which lies in west central Alberta—to Kuwait Foreign Petroleum Exploration Company’s wholly owned subsidiary,KUFPEC Canada, for USD 1.5 billion. The total purchase price includes cash paid at closing as well as a carry of a portion of Chevron Canada’s share of the joint venture’s future capital costs. Following the transaction, Chevron Canada will continue to own a 70% working interest.