Chevron to sell 30% stake in Canadian shale assets

Chevron Corp. said it would sell a 30 percent stake in its Duvernay shale properties in Canada to Kuwait Foreign Petroleum Exploration Co. for $1.5 billion, Reuters reports.

In Canada, Chevron has exploration leases for about 330,000 net acres in the Duvernay shale formation, located about 124 miles northwest of Edmonton, Alberta.

The deal, expected to close in November, leaves Chevron Canada with a 70 percent interest in the partnership.

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