Chevron has confirmed that it will place some of its Gulf of Mexico assets on sale, aiming to fully withdraw from the acreage by the end of next year.

The company said it is turning its focus on deepwater as it looks to own “fewer, more complex” assets.

 “As part of this effort, Chevron is accelerating the sale of mature shelf properties and has begun marketing all shelf assets in the Gulf. The divestments will begin in 2016 and are expected to be completed by the end of 2017,” the company said in its statement.

Like many other companies, Chevron is undergoing a divestment plan as it tries to adapt to the low oil price environment.

“Our asset sales program has been successful as well-timed transactions have captured good value and generated $11.5 billion in cash through the end of 2015. Over 2016 and 2017, we’re targeting another $5 billion to $10 billion in divestments.

In all cases, we will only sell assets where we can realize fair value,” the statement concluded.

The company noted that this sale consistent with its ongoing efforts to align its portfolio of assets with its overall long-term strategies.

Source: - http://www.offshore-mag.com/articles/2016/02/chevron-to-sell-some-gulf-of-mexico-assets.html