Chevron pitches $100m in New Mexico properties

Chevron Corp is offering to sell about 73,000 acres (29,540 hectares) of oil and gas properties in New Mexico, according to documents viewed by Reuters, as oil firms accelerate divestitures in a rebounding oil market.

Sales in the Permian Basin of West Texas and New Mexico have jumped as shale producers and privateequity firms seize on a sizzling recovery in oil prices to buy companies or secure new drilling prospects.

Chevron set a May 20 deadline for bids on acres holding more than 1,000 producing wells with $1.1 million in combined monthly revenue, according to a sales document. Some of the properties are operated by ConocoPhillips, BXP Operating and Providence Energy Services Inc, the document showed. "Chevron has an ongoing and methodical program to evaluate and prioritize its assets," spokeswoman Veronica FloresPaniagua said, confirming the Lea County, New Mexico, offer.