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Chevron selling Duvernay stake in $1.5B deal

FILE - In this Jan. 27, 2011 file photo, A customer replaces the gas pump nozzle after filling the car gas tank at a local Chevron gas station in Phoenix. Chevron's Canadian subsidiary is selling its 30 percent stake in its Duvernay shale play to Kuwait Foreign Petroleum Exploration Co. in a $1.5 billion deal, the company said Monday, Oct. 6, 2014. (AP Photo/Ross D. Franklin, File) FILE - In this Jan. 27, 2011 file photo, A customer replaces the gas pump nozzle after filling the car gas tank at a local Chevron gas station in Phoenix. Chevron's Canadian subsidiary is selling its 30 percent stake in its Duvernay shale play to Kuwait Foreign Petroleum Exploration Co. in a $1.5 billion deal, the company said Monday, Oct. 6, 2014. (AP Photo/Ross D. Franklin, File)

By Associated Press October 6, 2014 1 min read

SAN RAMON, Calif. (AP) – Chevron’s Canadian subsidiary is selling its 30 percent stake in its Duvernay shale play to Kuwait Foreign Petroleum Exploration Co. in a $1.5 billion deal.

The Duvernay shale play is in west-central Alberta, Canada.

Once the deal closes, Chevron Canada Ltd. will still have a 70 percent stake in Duvernay and will continue as its operator.

Chevron Canada has drilled 16 wells since starting its exploration program.

The deal is targeted to close in November.

Chevron Corp. is based in San Ramon, California.