Chevron is in talks to sell its east Texas natural gas assets to Tokyo Gas, said three people familiar with the discussions, as the Japanese utility looks to expand its access to abundant US reserves of the fuel.
The companies have been in negotiations for months about a potential deal for Chevron’s portfolio in the Haynesville shale, a prolific gas-producing basin straddling Texas and Louisiana.
The assets include 72,000 acres of mostly undeveloped land. It was not immediately clear how much gas the land is believed to hold. The transaction could be valued at up to $1bn, the people said.
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