Chevron Corp. is paring its Asia operations, selling assets worth up to $5 billion in an effort to raise cash, according to people familiar with the situation. The California-based energy giant is set to begin selling its offshore China assets this month, the latest in a series of divestments in Asia. The company is looking to raise up to $10 billion globally from asset sales, a big chunk of which will come from its Asia upstream operations, as part of a broader effort to cut costs and adapt to an environment of lower oil prices. Among the assets Chevron is looking to sell is its stake in an offshore oil field production venture with China’s state-owned oil company Cnooc Ltd., which could fetch as much as $1 billion, according to people familiar with the situation. The […]