Unocal to sell Canada assets to Pogo for $1.8 bn

Unocal said it would realise after-tax proceeds of $1.5 billion from the sale of Northrock Resources, a plan that was pending before the Chevron deal.

The Pogo deal is expected to close in the third quarter, pending Canadian approvals. Unocal said Canada accounted for less than 7 per cent of its global reserves as of the end of 2004 and its production as of the first quarter of the current fiscal. — Reuters