Chevron Corp. (NYSE: CVX) is selling some assets in Asia worth up to $5 billion, the Wall Street Journal reported Aug. 4, citing people familiar with the matter.
Chevron, the second-largest U.S. oil company, is set to start selling its offshore China assets this month, the Journal reported.
Chevron's stake in an offshore oil field venture with China's state-owned oil company CNOOC Ltd. could fetch as much as $1 billion, according to the report.
Chevron had disclosed in October last year plans to sell about $10 billion of assets by 2017.
The oil giant is also looking for buyers for its geothermal assets in Indonesia, and is considering offers worth more than $2 billion, the Journal reported, citing sources.
Natural gas field assets in Thailand are also part of the company's divestiture plans, according to the report.
A Chevron spokesman said the company does not comment on rumor or speculation.
Chevron shares were flat at $100.81 in afternoon trading.
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