Chevron aims to sell shallow Gulf of Mexico assets

Chevron is putting all of its shallow Gulf of Mexico assets up for sale as part of a $5-10 billion divestiture program. Via FuelFix, the company has 27 oil and gas fields with total production of 46,000 barrels of oil equivalent per day in the shallow part of the gulf. Analysts believe those assets could net Chevron more than $1 billion. Chevron said in December it would cut a quarter of its exploratory spending budget for 2016.