Chevron Corporation (NYSE:CVX)'s sale of its stakes in Chinese offshore oil fields operated by CNOOC Limited (SEHK:883) has stalled, Bloomberg reported, citing people with knowledge of the matter. Bids that Chevron received for its interests in three fields in China's Bohai Bay didn't meet its expectations, according to the people. Chevron had aimed to sell the assets for as much as $1 billion, the people said.

Chevron is considering keeping the Bohai Bay holdings for now, the people said. The assets had drawn interest from Chinese suitors including AAG Energy Holdings Limited (SEHK:2686), Brightoil Petroleum (Holdings) Limited and Meidu Energy Corporation (SHSE:600175), according to the people.