Economy

Chevron to sell its oil, gas assets from Alaska's Cook Inlet

One of Cook Inlet's biggest oil and gas producers -- Chevron -- said Tuesday that it will try to sell all of its assets in the Inlet.

The decision comes as production from Cook Inlet oil and gas fields is declining -- typically, a period when big energy companies lose interest in their investments and smaller operators jump in.

Chevron said the company will offer for sale its interest in several offshore and land-based oil and gas fields, 10 offshore rigs and two gas tank farms. The company also plans to sell its interest in the companies that operate two regional pipelines.

John Zager, the company's Alaska general manager, said Chevron will continue to focus on safe, reliable operations while it searches for a buyer who will "further develop (the assets') potential."

Chevron said it plans to sell its properties as a single package and its marketing effort will begin soon.

Chevron produces roughly 4,000 barrels of oil and 90 million cubic feet of natural gas per day from the Inlet. The company has about 450 employees and contractors in Alaska.

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