(MENAFN) Energy firm Chevron Corp said it will abandon Australian shale exploration and sell off its 50 percent stake in that nation's largest fuel supplier, Gulf Times reported.
Chevron notified Beach Energy, its partner in the shale project, that "the opportunity does not align strategically" with the US explorer's portfolio, according to a statement from Beach.
Selling its half of refiner Caltex Australia is expected to yield about USD3.7 billion. Chevron announced plans earlier this month to shed USD15 billion in oil and natural gas assets by the end of 2017.
"They are perhaps looking to increase their margins and get away from businesses that offer lower-end margins," a resource analyst at Fat Prophets in Sydney said in a statement.
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