Oil and gas company Chevron sells oil assets in Chad to the country for $1.3 billion

RAMON, Calif. – Chevron sold to Chad its interest in oil producing assets in the Central African nation for about $1.3 billion.

The oil and gas company had a 25 per cent interest in the properties, which included seven oil fields in Chad’s Doba Basin and a pipeline system that transported crude oil to Cameroon’s coast and to other facilities.

Chevron Corp. says it’s selling some profitable assets to focus on its global exploration and production business. The deal closed Friday.

Shares of the San Ramon company are up 64 cents to $126.75 in afternoon trading.