ChevronTexaco has announced that it will sell off its oil and gas interests in Papua New Guinea and will pull out of the country by October this year.
Media reports out of PNG say ChevronTexaco will also resign from its joint ventures in the Kutubu, Gobe Main, South East Gobe and Moran oilfields.
The Vice Chairman, Peter Robertson, says the decision resulted from the company's ongoing review of its global portfolio following the merger of Chevron and Texaco in 2001.
He says the decision was difficult given its twenty year relationship with PNG which has seen ChevronTexaco and its joint partners invest over 2.9 billion US dollars in the country.
Mr Robertson believes gas reserves from the operating oilfields make the sale of its assets attractive to companies interested in future gas projects in PNG.
A new operator will be apponted by Chevron's joint venture participants.
The joint venture employees 429 Papua New Guineans and 71 expatriates and produces around 53-thousand barrels of oil daily.