Chevron to sell Cook Inlet oil and gas assets in Canada Hilcorp Energy

US oil giant, Chevron Corp yesterday agreed to sell all of its interests in Cook Inlet oil and gas assets in Canada to independent oil firm Hilcorp Energy, for an undisclosed sum.

Covered in the sale are Chevron's Alaskan subsidiary Union Oil Company of California's (Unocal) interests in Granite Point, Middle Ground Shoals, Trading Bay, MacArtrhur River fields and interests in 10 offshore platforms, two onshore gas fields, two gas storage facilities and interests in two pipeline companies.

The current net production from these assets is about 3,900 barrels of oil and 85 million cubic feet of natural gas per day.

Chevron said that it will continue to hold on to its interests in the Alaska North Slope and its 1.36-per cent stake in the trans-Alaska oil pipeline.

Chevron, which has been operating in Alaska for more than 100 years, had said last October that it would sell its Cook Inlet assets held by Unocal since these assets no longer fit into the company's global portfolio.

Chevron had acquired Unocal in 2005 and between them, owned 176,000 acres in Alaska and produced 14,000 barrels of oil and 99 million cubic feet of gas a day.