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Chevron has agreed to sell its gas fields in Bangladesh to Chinese and Hong Kong investors as part of a wider effort to generate cash following the slump in oil prices.

The company announced on Monday that it would sell its fields to a company called Himalaya Energy, which is owned by China ZhenHua Oil, a Chinese state-backed oil explorer, and CNIC Corporation, an investment company in Hong Kong.

Chevron did not say how much it would generate from the sale, but the company had been seeking $2bn.

The company runs the Bibiyana, Jalalabad and Moulavi Bazar fields in the South Asian country. In 2015 its net daily production averaged 720m cubic feet of natural gas, all of which it sold to Petrobangla, the state oil company.

Copyright The Financial Times Limited 2017. All rights reserved.

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