Chevron Corp said it would sell a 30 percent stake in its Duvernay shale properties in Canada to Kuwait Foreign Petroleum Exploration Co for $1.5 billion. Chevron’s Canadian subsidiary has exploration leases for about 330,000 net acres (1,335 square km) in the Duvernay shale formation. The area is located about 124 miles (200 km) northwest of Edmonton, Alberta. The deal also creates a partnership for appraisal and development of liquids-rich shale resources in the Kaybob area of the Duvernay, Chevron said. Chevron Canada will remain the operator and will hold a 70 percent interest in the partnership following the deal close, expected in November. The deal price includes a portion of Chevron Canada’s share of future capital costs for the joint […]