US supermajor Chevron has sold its 25% non-operated stake in a producing oil concession and the related export pipeline interests in southern Chad for about $1.3 billion.
Chevron sold the assets to the Republic of Chad in a deal that closed on Friday.
The company had owned the assets for the last 14 years.
"The combination of current market conditions and the size of the assets relative to our portfolio make this an ideal time for a divestiture,” said Ali Moshiri, president of Chevron Africa & Latin America E&P.
The deal includes the sale of Chevron’s interests in seven fields in Chad’s Doba basin, which produced 18,000 barrels per day of crude in 2013.
The sale also includes a 21% non-operated stake in a pipeline system that transports crude oil to the coast of Cameroon.